Overweight Indian Hotels, target Rs 160: Morgan Stanley

Morgan Stanley upgrades Indian Hotels to overweight from underweight earlier and has also raised its 12-month target price to Rs 160 from Rs 83 earlier.

The Indian hotel industry has been through long down-cycle and it looks like that it is on cusp of an uptrend, said the note.

The supply growth is slowing and further analysis show us that there us likely pricing power ahead for the sector, added the Morgan Stanley note.

Indian Hotels is a great franchise and is now undergoing beneficial structural changes.