Hilton initiated with a Buy at Mizuho

Mizuho initiated coverage of Hilton (HLT) with a Buy rating and $245 price target. Hilton’s over 20% exposure to the upper and upper midscale cohort versus Marriott (MAR) lends itself to higher unit growth as financing conditions remain tight, the analyst tells investors in a research note. Additionally, the firm says the company’s outsized exposure to business transient and groups should support elevated RevPAR versus peers with more leisure exposure.