UPDATE: BMO Capital Markets Initiates Host Hotels & Resorts at Market Perform on Valuation

BMO Capital Markets initiated coverage on Host Hotels & Resorts HST with a Market Perform rating and a $18.00 price target. BMO Capital Markets noted, "Host benefits from excellent trading liquidity and superior access to capital, and is large enough to make unique investments that would be riskier for smaller peers. But the company's geographic diversification can also muffle RevPAR growth compared to regionally focused REITs, and its large size makes it harder to move the earnings needle through investments. Bottom line, we think Host is one of the better-positioned lodging REITs to benefit from a broad-based recovery in group business but valuation has moved to a premium and we think upside is more limited at this point." Host Hotels & Resorts closed at $16.67 on Monday.