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Wachovia Cuts Felcor Lodging to 'Underperform'

Wachovia downgraded Felcor Lodging (FCH) to underperform from market perform.

Analyst Jeffrey Donnelly says expectations for flat revenue per available room (RevPAR) growth, continued gross margin declines, and management's decision to cease paying a dividend and aggressively dispose of noncore assets could place signficant downward pressure on earnings per share and valuation.

He further cut the $1.74 2003 funds from operations estimate to $1.23. Based upon 2003 the earnings estimate (before interest, taxes, depreciation and amortization) of $270 million to $280 million, Donnelly estimates the fair value of shares to be in the $6.50 to $8.50 range.

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