J.P. Morgan Reiterates Overweight on Starwood Hotels & Resorts on Updated Outlook

In a report published Wednesday, J.P. Morgan analyst Joseph Greff reiterated his Overweight rating on Starwood Hotels & Resorts Worldwide

. In the report, Greff noted, “Earlier this morning, at its Investor Day in Dubai, HOT provided an encouraging three-year EBITDA and EPS outlook as well as a scenario for a more meaningful capital return to shareholders. In our view, two of the investor push-backs we get on HOT is that it doesn't have the potential to grow EBITDA at a double-digit EBITDA CAGR and that it has been slower than peers (MAR, WYN) in capital return, while instead focusing on maintaining/enhancing a pristine and lowly levered balance sheet. We think this updated outlook favorably addresses both of these push-backs.” Starwood Hotels & Resorts Worldwide closed on Tuesday at $62.28.