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Nomura Securities Maintains a 'Neutral' on Hyatt Hotels (H); Look at Q1

May 3, 2012 2:18 PM EDT Send to a Friend
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Price: $54.49 --0%

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    10 Buy, 12 Hold, 0 Sell

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    Up: 26 | Down: 10 | New: 8
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Nomura Securities maintains a 'Neutral' on Hyatt Hotels (NYSE: H) price target of $43.00.

Analyst, Harry C. Curtis, said, "H reported adjusted EBITDA (excluding the impact of its Rabbi trust of $139m) a little better than our $136m, driven by 1Q systemwide RevPAR of +7.1%, 80bps better than expected, and 220bps of owned-hotel margin expansion, in line with our estimates...H does not provide
meaningful guidance, but its 1Q RevPAR results indicate it is tracking in line with Marriot (NYSE: MAR) and Starwood (NYSE: HOT), both of which expect 6-8% RevPAR growth for 2012."

"We believe the current EV/EBITDA valuation of 14.1x 2012E and 12.2x 2013E is fair, but might consider becoming more positive on the stock if its valuation became more appealing."

For an analyst ratings summary and ratings history on Hyatt Hotels click here. For more ratings news on Hyatt Hotels click here.

Shares of Hyatt Hotels closed at $43.81 yesterday.




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