Jefferies Starts Starwood Hotels & Resorts (HOT) at Buy

Jefferies initiates coverage on Starwood Hotels & Resorts (NYSE: HOT) with a Buy. PT $59.00.

The firm comments, "We find a lot to like about Starwood. An asset-light operator, the company has a strong domestic heritage, but the business is evolving towards faster-growing Emerging Markets. Starwood comes top on our qualitative Jefferies Scorecard. The company stands on 10.3x FY13E EV/EBITDA, an 8% discount to Marriott (NYSE: MAR), despite its more positive attributes. Our price target offers 17% upside potential."

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 $51.52 yesterday.

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