UPDATE: Deutsche Bank Raises Target to $62 on Starwood Hotels
Deutsche Bank reiterates its Buy rating on Starwood Hotels (NYSE: HOT) and raises its target price by $4 to $62 on solid 4Q upside.
Deutsche Bank says, "Revised Guidance Reflects Euro Caution. Post solid 4Q results and guidance that reflects caution on the Euro zone and renovation impacts, we are reinforcing our Buy rating and raising our price target (to $62 from $58) as we continue to view HOT as the best way to play the domestic recovery in corporate travel. We see brand differentiation and favorable chain scale segmentation as the primary drivers of outperformance over the near to medium term, with the international pipeline adding to the longer term story. "
HOT closed at $54.22 a share yesterday.
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