Opinions

Ted Macklin Fairmont Hotels & Resorts FHR-T BUY ON WEAKNESS Feb 26, 2004

Good company. Tremendous franchise and properties. The downturn in business travel has hurt them but these are short-term considerations.

Ted Macklin

Owned

Unlock Rating

$32.850

Stock price when the opinion was issued

lodging

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TOP PICK

Had the usual down and then had a major base building. Neckline was at the $37 level and then a breakout. Now in a pull back. Waiting to BUY right here or maybe the next few days.

DON'T BUY

Have great hotels, but don't make much money. Their capital expenses are high and they have to keep investing in their assets. No real growth besides acquisitions and new hotels. Stock is very expensive. They are shorting it.

TOP PICK

Down a little because the market felt the 4th quarter numbers were a little disappointing. Recovering from 9/11 and SARS. Good top line growth, i.e. number of people staying and the price they are paying.

BUY ON WEAKNESS

Very strong business. Ther will be opportunities to pick it up from time to time when travel is affected. Well managed. A long term hold.

STRONG BUY

(A Top Pick Feb 3/05) Likes it because the increase in revenues will drop to the bottom line.

DON'T BUY

Worth $31, so it's overvalued. Don't touch it.

DON'T BUY

Technical structure is OK, it's not wonderful. There are probably better stocks to own in the world if you want to be in the hotel sector. Would be a little negative on some of the consumer type stcoks in the short run.

BUY

Has done reasonably well. Disappointed in the 4th quarter. Travel has come back, so they have been showing increased revenues and increased room rates.

PAST TOP PICK

(A Top Pick Feb 1/05. Up 5%.) Pleased and believes there is more to come.

SELL

Now being acquired. Good management team. This will look like a pretty good deal in a couple of years. In the meantime, you might wish to take some profit.

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Ted Macklin Fairmont Hotels & Resorts FHR-T BUY ON WEAKNESS Feb 26, 2004

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