UPDATE: Jefferies Initiates Starwood Hotels & Resorts Worldwide at Buy on Diversified Exposure

Jefferies initiated coverage on Starwood Hotels & Resorts Worldwide HOT with a Buy rating and a $59 price target. Jefferies noted, "We find a lot to like about Starwood. An asset-light operator, the company has a strong domestic heritage, but the business is evolving towards faster-growing Emerging Markets. Starwood comes top on our qualitative Jefferies Scorecard. The company stands on 10.3x FY13E EV/EBITDA, an 8% discount to Marriott, despite its more positive attributes. Our price target offers 17% upside potential." Starwood Hotels & Resorts Worldwide closed at $51.52 on Friday.