Deutsche Bank raised its price target on Hilton Worldwide (NYSE: HLT) to $68.00 (from $65.00) while maintaining a Buy rating.

Analyst Carlo Santarelli said while many see the cycle as long in the tooth, the company gave investors something to believe in today with its outlook and 1Q result.

"In this case, we believe low expectations, given peer reports, and expectations for middle of the range RevPAR, which were surpassed, drove the outperformance in shares," he commented.