We are updating our model following HLT’s Q4 earnings. We raise our price target to $360 from $312 on greater unit growth estimates in FY’26-FY’28, and remain Buy rated. We roll forward our valuation year to 2028 from 2027 and discount back. We move to using the upper end of our ~17-19x EV/EBITDA multiple range, in line with where HLT has traded over the past 3, 5 and 10 years, a period that is more representative of HLT’s asset-light structure, up ~1 notch from the 15-18x range previously used. We note that the average EV/EBITDA multiple has moved up over time as HLT has shifted from owning more of their properties to ~1% today.