UPDATE: Goldman Sachs Raises PT on Home Inns & Hotels Management to $53 (HMIN)

Goldman Sachs is out with its report today on Home Inns & Hotels Management HMIN, raising its price target from $52.50 to $53.

In its report sent to clients, Goldman Sachs states, "We fine-tune our 2011E-2013E EPS on slightly better cost savings and our 12-m EV/EBITDA-based TP to US$53.00 (from US$52.50). While valuation is undemanding at 11X 2011E EV/EBITDA with a 20% EBITDA CAGR over 2010- 2012E, we see uncertainties on pricing and timing of potential M&A as a share price overhang in the near term. Maintain Neutral."

Shares of HMIN closed Monday at $37.86, down 2.90% from Friday's close.