Hilton initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Stephen Grambling initiated coverage of Hilton with an Overweight rating and $171 price target. The analyst calls Hilton a "best in-class" free cash flow compounder. Hilton has among the highest mix of franchise fees plus variable management fees among the C-corps, and has consistently delivered net unit growth at or near the top of the publicly traded peer group, Grambling tells investors in a research note.