UPDATE: Morgan Stanley Reiterates On Starwood Hotels & Resorts Worldwide On Potential Value Creation

In a report published Monday, Morgan Stanley analyst Thomas Allen reiterated an Overweight rating on Starwood Hotels & Resorts Worldwide (NYSE: HOT), and raised the price target from $86.00 to $92.00.

In the report, Morgan Stanley noted, “HOT's CFO left on May 30 after 10 years with the company. As the Board searches for a successor, we highlight the potential value creation from a leverage recap. With the confidence this should play out, we increase our PT to $92, reiterate Overweight rating.”

Starwood Hotels & Resorts Worldwide closed on Friday at $82.79.