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."