UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on China Lodging Group Ltd. Following Strong 4Q Results

In a report published Wednesday, Morgan Stanley analyst Lin He reiterated an Overweight rating on China Lodging Group Ltd. HTHT, but removed the $26.20 price target. In the report, Morgan Stanley noted, “China Lodging reported strong 4Q results with revenue up 27% and net income up 222% yoy. Net income was 15% higher than consensus. The beat was mainly driven by better operating margin, which expanded 430bps yoy. We stay OW...Management expects to add 420-450 hotels in 2014, including 50-60 leased hotels. 1Q14 revenue is expected to grow 19-21% yoy and full-year 2014 revenue growth guidance is 20-23% yoy.” China Lodging Group Ltd. closed on Tuesday at $26.73.