UPDATE: Wells Fargo Upgrades Hospitality Properties Trust to Outperform

Wells Fargo is out with its report today on Hospitality Properties Trust HPT, upgrading HPT from Market Perform to Outperform. In a note to clients, Wells Fargo writes, "We have not adjusted our 2011-12E FFO/share but we estimate the potential annual benefit could be up to $0.10/share over our prior expectation if Marriott pays base minimum rent in full. We are increasing our val. range to $23.00-25.50 from $22.00-24.00 based upon the elimination of the overhang of risk associated with the shares and the potential EBITDA & FFO/share benefit from the transaction." At the time of posting, shares of HPT were trading at $23.14, up 4.56% from Tuesday's close.