UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Starwood Hotels & Resorts Worldwide

In a report published Friday, Deutsche Bank reiterated its Buy rating on Starwood Hotels & Resorts Worldwide

, but lowered its price target from $65.00 to $61.00. Deutsche Bank noted, “Despite a mixed quarter with upside from non-core segments and somewhat uninspiring color on today's conference call, we are sticking with our BUY rating on HOT as we continue to believe there is a favorable risk-reward and the potential for multiple expansion with valuation support not far from current levels. While we see few near term catalysts and believe shares are somewhat range bound in the near term, we continue to view the fundamental setup in lodging favorably. Furthermore, we think lowering the bar with respect to expectations amid macro uncertainty will ultimately prove prudent should fundamentals remain sound in the US, as we believe they will.” Starwood Hotels & Resorts Worldwide closed on Thursday at $51.66.