Hilton price target raised to $261 from $217 at Bernstein

Bernstein analyst Richard Clarke raised the firm’s price target on Hilton to $261 from $217 and keeps a Market Perform rating on the shares. Weakness is most evident in China, U.S. and leisure travel, and yet stocks most exposed to those have held up the best, “likely a mistaken view” on online travel agencies and U.S. mainstream hotels being the sectors offering defensive protection, the analyst tells investors in a research note. Bernstein would prefer hotels over the online travel agencies post the Q2 reports, saying business travel is providing more certain sales momentum. The firm upgrades Marriott and Whitbread to Outperform “as the clearest disconnects.”