In a client briefing Michael Webber of Wells Fargo Securities abandoned his “outperform” rating and stamped the New York-quoted stock with a “market perform” recommendation.
The revision may come as a surprise to observers as it follows a quarter in which the operator’s performance exceeded the expectations of many Wall Street forecasters.
While Webber is confident that the company will expand its “operational footprint” over time he argued the owner faces “too many headwinds and too few near-term catalysts”.
“While
