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Baird raised the firm’s price target on Sunstone Hotel (SHO) to $13 from $12 and keeps an Outperform rating on the shares. The firm hosted meetings with management where investor’s main focus was the recent M&A speculation and management’s view on value, strategy execution, and ways to close the NAV discount. From a buyer’s perspective, Baird believes value exists around $13/share but believe Sunstone’s Board of Directors likely sees value in the $14-$15/share range
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