Nomura Securities Maintains a 'Neutral' on Starwood Hotels & Resorts (HOT); Chatter From China
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Price: $68.45 -0.01%
Rating Summary:
16 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
16 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade HOT Now!
Nomura Securities maintains a 'Neutral' on Starwood Hotels & Resorts (NYSE: HOT) price target of $60.00.
Analyst, Harry Curtis, said, "Less RevPAR Deceleration in Asia and Europe than Thought. Going into HOT’s 2Q earnings, weakness in European hotel results, and cautious comments by Marriott (NYSE: MAR) about China pressured HOT’s stock. HOT does see decelerating trends in China, but none of its projects are on hold. $300m of Owned EBITDA to be Sold. For the first time, HOT quantified the amount of hotel assets that could be liquidated at $4b-$5b ($210k - $261k per key), or nearly 50% of HOT’s current market cap. No Sign of a Slowdown. Like MAR, HOT commented that strong group bookings and corporate demand should lift RevPAR in 2013. Lower Owned EBITDA. In 2Q, HOT’s owned EBITDA fell to $93m from $97m, due to asset sales, ForEx and weakness in Canada. Bal Harbor Boost Ending. HOT’s recent EPS was boosted by one-time gains from Bal Harbour. 3Q gains should be $5m, down from 2Q’s $35m...Continued High Spend on Owned Portfolio. HOT will spend ~ $275m renovating eight hotels in 2012, with renovations continuing into 2013."
For an analyst ratings summary and ratings history on Starwood Hotels & Resorts click here. For more ratings news on Starwood Hotels & Resorts click here.
Shares of Starwood Hotels & Resorts closed at $52.71 yesterday, with a 52 week range of $35.78-$60.81.
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Analyst, Harry Curtis, said, "Less RevPAR Deceleration in Asia and Europe than Thought. Going into HOT’s 2Q earnings, weakness in European hotel results, and cautious comments by Marriott (NYSE: MAR) about China pressured HOT’s stock. HOT does see decelerating trends in China, but none of its projects are on hold. $300m of Owned EBITDA to be Sold. For the first time, HOT quantified the amount of hotel assets that could be liquidated at $4b-$5b ($210k - $261k per key), or nearly 50% of HOT’s current market cap. No Sign of a Slowdown. Like MAR, HOT commented that strong group bookings and corporate demand should lift RevPAR in 2013. Lower Owned EBITDA. In 2Q, HOT’s owned EBITDA fell to $93m from $97m, due to asset sales, ForEx and weakness in Canada. Bal Harbor Boost Ending. HOT’s recent EPS was boosted by one-time gains from Bal Harbour. 3Q gains should be $5m, down from 2Q’s $35m...Continued High Spend on Owned Portfolio. HOT will spend ~ $275m renovating eight hotels in 2012, with renovations continuing into 2013."
For an analyst ratings summary and ratings history on Starwood Hotels & Resorts click here. For more ratings news on Starwood Hotels & Resorts click here.
Shares of Starwood Hotels & Resorts closed at $52.71 yesterday, with a 52 week range of $35.78-$60.81.
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