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Telsey Advisory Group LLC upgrades Belmond Ltd. to 'market perform'

TelseyAdvisory Group LLC analyst David Katz upgraded his investment opinionof Belmond Ltd. to"market perform" from "underperform," and increased hisprice target to $10 from $8.50.

The analyst wrote in a research report: "We areupgrading our rating to Market Perform based on the incremental operatingimprovements, which are expected to continue. The shares are also not expensiveat 9.5X 2017E EV/EBITDA, which suggests limited downside. Our $10 price targetis driven by a 12.0X, 20.0X, and 15.0X multiples on our 2017E EV/EBITDA, P/E,and FCF estimates, as well as our five year DCF, which yields a value of $9.06."