UPDATE: Deutsche Bank Raises Target to $14 on Host Hotels & Resorts

Deutsche Bank maintains its Hold rating on Host Hotels & Resorts HST and raises its price target by $1 to $14 as it tweaks valuation to reflect group strength. Deutsche Bank says, "While color around group bookings for 2012 remains encouraging, we see shares as being fairly valued at present given macro uncertainty and harnessed margin growth, despite solid and likely conservative rate driven RevPAR guidance. We are upping our target multiple and taking our price target to $14 from $13. Given current valuation, which we deem to be fair in the current environment, our Hold rating is unchanged." HST closed ay $16.33 a share on Tuesday.