UPDATE: BMO Capital Markets Initiates Starwood Hotels & Resorts Worldwide at Market Perform on Headwinds

BMO Capital Markets initiated coverage on Starwood Hotels & Resorts Worldwide (NYSE: HOT) with a Market Perform rating and a $64.00 price target.

BMO Capital Markets said, "The company's brand mix works well with its global footprint to give it a direct line into emerging markets where GDP growth is creating new and wealthy travelers and promoting hotel construction at a faster pace than in developed economies – a good thing for the C-Corp model. Starwood's international focus also makes it more exposed to economic and sociopolitical risk outside North America, and has added both RevPAR and foreign exchange rate headwinds to earnings."

Starwood Hotels & Resorts Worldwide closed at $59.56 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.