J.P. Morgan is raising its PT on Host Hotels & Resorts, Inc. HST to $20 from $18.
“Our year-end 2011 price target is $20 (up from $18), which we derive by applying a 14x multiple to our 2012E EV/EBITDA and implies a per-key value of ~$284,000, versus its current implied per-key value of ~$267,000 per key,” J.P. Morgan writes. “At current levels, HST trades 15.5x 2011E EV/EBITDA and 12.9x 2012E EV/EBITDA.”
Host Hotels & Resorts currently trades at $18.36.
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