Argus analyst John Staszak upgraded Hilton to Buy with a price target of $96, saying the company should see above-peer-average earnings growth over time thanks to its "asset-light business model, in which it franchises rather than owns hotels". The analyst is also positive on the company's "industry-leading loyalty program with approximately 85 million members" as well as its potential to increase market share with about 20% of its rooms "currently under development worldwide". Staszak further cites Hilton earnings topping forecasts in 8 of the past 9 quarters, raising his FY19 and FY20 EPS outlook by 10c to $3.90 and $4.40 respectively.