Oppenheimer Raises Price Target on China Lodging Group (HTHT)

Oppenheimer is out with a research report this morning, where it reiterates its Outperform rating on China Lodging Group

; it has a $27.00 price target on the stock. The Oppenheimer analysts said that are adjusting their “FY11 net rev/adj EBITDA estimate to $356.2M/$79.7M from $349.1M/$90.5M to reflect enlarged L/O hotel build-up to come, possibly diluting ADR/Occupancy and margins.” They have a new price target of $27.00 on HTHT, up from $23.50 They added that the near-term risks associated with rising pre-opening expenses and dilution of profits by new/more hotels opening remain a concern due to HTHT's smaller base of mature hotels.