J.P. Morgan Raises Get Target To $45 From $40

J.P. Morgan is raising its PT on Gaylord Entertainment GET to $45 from $40. “Our year-end 2011 price target is $45 (up from $40), which we base on a property-level sum-of-the-parts analysis that uses a blended multiple of 11.7x our 2012 CCF estimate,” J.P. Morgan writes. “We think this multiple is consistent with other large group-centric hotel company peer multiples on 2012 estimates. At current levels, GET trades at 12.2x and 10.2x our 2011 and 2012 EBITDA estimates, respectively, versus its historical multiple range of 6.8-22.6x.” Gaylord Entertainment currently trades at $35.63.