UPDATE: Loop Capital Assumes Hyatt Hotels (H), Upgrades to Buy
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Loop Capital analyst Daniel Adam assumes coverage on Hyatt Hotels (NYSE: H) with a Buy rating (from Hold) and a price target of $94.00.
The analyst comments "Our $94 price target for Hyatt (H) reflects a 17x 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) the company’s high ROIC fee-based model, and 2) our expectation for accelerating RevPAR growth upon recovery. With over 10% upside to our target, we are assuming coverage on H with a Buy."
Shares of Hyatt Hotels closed at $77.83 yesterday.
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