Morgan Stanley Maintains EW Rating, $7 PT on Hersha Hospitality Trust

Morgan Stanley is maintaining its Equal-weight rating and $7 price target on Hersha Hospitality Trust HT. “We believe that HT will see more accretive investment opportunities throughout the year than many peers given the company's select-service leanings and continue to look favorably upon a well-regarded management team,” Morgan Stanley writes. “However, we believe the stock is fairly valued at current levels, which imply a price per key of $197k and a cap rate of 7.5% on 2011 estimates.” Hersha Hospitality Trust closed Wednesday at $5.83.