UPDATE: Benchmark Upgrades Orbitz to Buy

According to Benchmark, Orbitz Worldwide (NYSE: OWW) is upgraded to Buy.

Benchmark said that it is raising our rating, estimates and price target on Orbitz to reflect stable global hotel demand, accelerating profit from the ebookers European hotel operation, contribution from private label partnerships and the ensuing inflection of cash flow EBITDA to sustainable growth. “We now project 2012E revenue of $818 million, EBITDA of $140 million, EPS of $0.38 and free cash flow of $0.60 per share.”

Orbitz Worldwide closed yesterday at $3.51.