Starwood Hotels’ Price Target Raised at Bank of America/Merrill Lynch (HOT)

in Gold Gold Investing Gold Investment by admin — March 10, 2010 6:56 am | no comments

Hotel operator Starwood Hotels & Resorts Worldwide, Inc ( HOT ) saw its price target raised 15% on Wednesday by analysts at Bank of America/Merrill Lynch. The analyst said it now sees shares of HOT reaching $46, up from a prior target of $40. Bank of America/Merrill Lynch noted that Starwood’s real estate holdings could be undervalued by as much as 25%, and maintained its “Buy” rating on the stock. Starwood Hotels shares, which had closed at $41.34 on Tuesday, were mostly flat in premarket trading Wednesday. The Bottom Line Shares of HOT have a dividend yield of .48%, based on last night’s closing stock price of $41.34. The stock has technical support in the $35 price area. If the shares can continue to firm up, we see overhead resistance around the $45 price level. We would remain on the sidelines for now. Starwood Hotels & Resorts Worldwide, Inc ( HOT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .