UPDATE: Deutsche Bank Raises PT on Strategic Hotels and Resorts, Solid Results Expected to Continue

Deutsche Bank analyst published a report on Strategic Hotels and Resorts

that reiterated its Hold rating and raised the price target from $7 to $8. Deutsche Bank reported that, “We are modestly increasing our 2013 and 2014 estimates. While BEE faces difficult comparisons in the 1Q, bookings suggest solid RevPAR growth in the 2Q and the 3Q. We expect BEE's West Coast hotels, which comprise half of BEE's hotel EBITDA, to continue showing solid results in 2013. BEE's valuation ($550K/key and 16.0x 2013E EV/EBITDA) fully reflects the quality of BEE's hotels, and in our view, upside from current levels is limited.” Shares of Strategic Hotels and Resorts closed at $8.28 on Thursday.