NEW YORK— Merrill Lynch said today it raised its mid-term rating on Hilton Hotels Corp. to “strong buy” from “buy” due to the turnaround in the U.S. economy, according to a report from Reuters. Merrill Lynch has set a 12-month stock price objective of $16 on Hilton stock. Chain shares were up 21 cents at $11.87 on the New York Stock Exchange in midmorning trade today. “We believe that now is a good time to buy lodging stocks, as we are near the bottom of a recession,” Merrill Lynch said in a research note. Source: Reuters
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