Hyatt Hotels' (H) analyst day boosted confidence in its long-term growth outlook, with increased buybacks helping offset concerns about room growth visibility, Morgan Stanley said in a note Monday.
The bank said the event largely reinforced its positive view of the company and increased its confidence that Hyatt can sustain a premium growth profile while returning capital to shareholders at levels similar to higher-valued peers.
Investors may continue to question the visibility of future room growth due to Hyatt's conversion-heavy strategy, and remain concerned about the complexity of its distribution business and the balance between buybacks and mergers and acquisitions, the firm said.
The bank added that it sees upside from co-brand credit card fees as well as management's shift in tone toward repurchase as offsetting these concerns.
Looking further ahead, Hyatt's long-term growth potential remains "undeniable," the firm said, adding that the company has lower market penetration than many peers, but has continued its outperformance in revenue per available room and gross operating profit per available room.
Morgan Stanley raised its price target on Hyatt Hotels from $195 to $208 while keeping its overweight rating.
Price: $182.23, Change: $+0.87, Percent Change: +0.48%