UPDATE: Bank of America Upgrades Hyatt Hotels, Raises PO to $50

Bank of America upgrades Hyatt Hotels

to Buy from Neutral and raises its price target to $50 from $44 to reflect minimal European exposure and an attractive valuation. Bank of America says, "In 2012, H should benefit from 1) the completion of several renovation projects 2) the integration of its Lodgeworks acquisition, 3) minimal exposure to Europe (<10% of EBITDA) and 4) the strongest balance sheet in hotels with 1x net leverage. We think H's current 15% trading discount to HOT and the REITs is unwarranted given H generates over half of its EBITDA from owned hotels." H closed at $39.19 per share on Monday.