Jefferies Maintains Hold Rating and PT of $9 on shares of Morgans Hotel Group

Jefferies & Compnay maintained its Hold rating and Price Target of $9 on shares of Morgans Hotel Group(MHGC)

Jefferies states,"We believe the execution of an asset lighter strategy with the recent sale of three owned hotels and new management contracts clearly improve the leverage profile and are positives for MHGC. With new management in place and an evolving business, we highlight the prospective underlying asset value,which, if monetized, could create greater equity value than the shares presently reflect."

Shares of Morgans Hotel Group closed at $8.65 on Friday.