UPDATE: Morgan Stanley Lowers Price Target On La Quinta Holdings On Opportunity From Selloff

In a report published Wednesday, Morgan Stanley analyst Thomas Allen reiterated an Overweight rating on La Quinta Holdings (NYSE: LQ), but lowered the price target from $27.00 to $24.00.

In the report, Morgan Stanley noted, “While we see LQ's oil industry exposure as risk to '15 consensus, after extensive analysis, we believe LQ stock has over corrected. After lowering estimates, our new YE15 price target is $24 (still 17% upside). LQ's long-term penetration and RevPAR stories keep us Overweight.”

La Quinta Holdings closed on Tuesday at $20.57.