Morgans Hotel Group Co. (MHGC) was Upgraded by MKM Partners to ” Neutral” and the brokerage firm has set the Price Target at $2.25. Earlier the firm had a rating of “Sell ” on the company shares. MKM Partners advised their investors in a research report released on May 10, 2016.
Many Wall Street Analysts have commented on Morgans Hotel Group Co.. Shares were Reiterated by MKM Partners on Mar 11, 2016 to “Sell” and Lowered the Price Target to $ 1.30 from a previous price target of $1.80 .
Morgans Hotel Group Co. opened for trading at $1.64 and hit $2 on the upside on Friday, eventually ending the session at $1.91, with a gain of 43.61% or 0.58 points. The heightened volatility saw the trading volume jump to 9,44,863 shares. Company has a market cap of $66 M.
Morgans Hotel Group Co. is a lifestyle hospitality company. The Company operates owns acquires develops and redevelops boutique hotels primarily in gateway cities and select resort markets in the United States Europe and other international locations. The Company’s portfolio includes three owned hotels consisting of Hudson in New York Delano South Beach in Miami Beach and Clift in San Francisco comprising approximately 1450 rooms and the food and beverage operations located at these hotels (collectively the Company’s Owned Hotels); Company’s owned food and beverage operations; Company’s two joint venture hotels and Company’s licensed hotel. The Company conducts its operations through Morgans Group LLC. The Company has around 90% controlling interest in TLG Acquisition LLC which operates numerous food and beverage and nightclub venues primarily in Las Vegas. It also has investments in certain hotels under development and other proposed properties.