As previously reported, Raymond James downgraded Hilton to Outperform from Strong Buy and raised its price target to $102 from $92 following the Q1 beat and raise report. Analyst William Crow said Hilton is "firing on all cylinders," but changed his view one notch to reflect valuation.

Reports Q1 revenue $2.573, consensus $2.55B. Q1 system-wide comparable RevPAR increased 2.0%, on a currency neutral basis, compared to the same period in 2023. Christopher J. Nassetta, President & CEO, said, "We are pleased to report a strong first quarter with bottom line results meaningfully exceeding our expectations, further demonstrating the power of our resilient, fee-based business model and strong development story. During the first quarter, system-wide RevPAR increased 2.0 percent as renovations, inclement weather and unfavorable holiday shifts weighed on performance more than anticipated. On the development side, we continued to see great momentum across signings, starts and openings. As a result of our record pipeline and the growth pace we've seen to-date, we expect net unit growth of 6.0%-6.5% for the full year, excluding the planned acquisition of the Graduate Hotels brand."