UPDATE: Bank of America Merrill Lynch Upgrades Starwood Hotels & Results on Strong Upside Potential

In a report published on Wednesday, Bank of America Merrill Lynch analyst Shaun C. Kelley Upgraded Starwood Hotels & Results HOT from Neutral to Buy and raised the price target from $70 to $84.

In the report, Bank of America Merrill Lynch stated, "We upgrade HOT to Buy given: 1) a solid fundamental positioning, 2) accelerating capital returns and 3) material upside optionality from owned hotel sales."

Starwood Hotels & Results closed Wednesday at $67.81.