Zacks Investment Research upgraded shares of Starwood Hotels & Resorts Worldwide Inc. (HOT) from NEUTRAL to OUTPERFORM on February 19, 2013, with a target price of $75.00.
We are upgrading our recommendation on Starwood from Neutral to Outperform based on the better-than-expected fourth-quarter 2012 results. Starwood's fourth-quarter 2012 earnings and revenues comprehensively surpassed the Zacks Consensus Estimate. Going forward, the company's strong pipeline, significant international exposure, shift to a fee-based business model, asset disposition strategy, portfolio restructuring and existing asset revamp should augur well for its earnings. Compared to its peers, the company is expanding at a steady pace. Management expects accelerated growth in the Chinese market post Government transition, pick-up in North America and fewer concerns in Europe in 2013. Moreover, share repurchase activity and dividend distribution are the other positives
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