UPDATE: Credit Suisse Lowering Price Target On Starwood Hotels and Resorts Worldwide

Credit Suisse is out with a research report on Starwood Hotels and Resorts Worldwide Inc. HOT and it is lowering its price target to $64 from $75, and it has an Outperform rating on shares. In a note to clients, Credit Suisse writes, "We recently hosted Starwood VP IR Jay Koval for a series of investor meetings in Chicago. Given that HOT reported 2Q11 results a few weeks ago, there was limited new information. HOT focused investors on the relative strengthand long-term positioning of it's global brands, strong free cash flow, healthy balance sheet, expected debt retirements in '12/'13, and anticipated proceeds from Bal Harbour ($600m pre sold to date)." Shares of HOT closed at $41.26 yesterday.