Hilton: Asset-Light Model, Conversion-Led Expansion, and Premium Valuation Support Raised $360 Target and Buy Rating

Analyst Robin M. Farley of UBS maintained a Buy rating on Hilton Worldwide Holdings, with a price target of $360.00.

Robin M. Farley has given his Buy rating due to a combination of factors tied to Hilton’s growth outlook and valuation. He raises the price target to $360, reflecting higher projected unit expansion through 2028 and confidence that Hilton can sustain 6–7% annual net unit growth, supported by a record development pipeline and a healthier financing backdrop that favors conversions over new builds.

Farley also bases his view on Hilton’s asset-light model and its consistent trading history at the upper end of the EV/EBITDA range, which he now uses to value the shares. The introduction and scaling of new and conversion-focused brands—such as Apartments by Hilton, the Outset Collection, and Undergraduate by Hilton—are expected to open incremental markets and support long-term growth, justifying a premium multiple and a Buy recommendation.

In another report released on February 17, Bank of America Securities also maintained a Buy rating on the stock with a $324.00 price target.

HLT’s price has also changed moderately for the past six months – from $269.900 to $315.960, which is a 17.07% increase.