J.P. Morgan Raises HST Target To $20 From $18

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.