UPDATE: Loop Capital Assumes Hilton Worldwide (HLT) at Hold
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Loop Capital analyst Daniel Adam assumes coverage on Hilton Worldwide (NYSE: HLT) with a Hold rating and a price target of $142.00.
The analyst comments "Our $142 price target for Hilton (HLT) reflects a 19.5x multiple on our 2022 EBITDA estimate. We believe this multiple, which implies a ~5x turn premium to the stock’s average historical preCOVID forward EBITDA multiple, is appropriate given, 1) HLT’s high ROIC fee-based model, and 2) our expectation for accelerating RevPAR growth upon recovery. Implied upside is less than 10%, so we are assuming coverage on HLT with a Hold."
Shares of Hilton Worldwide closed at $129.96 yesterday.
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