Goldman Sachs raised the target price of the Grand Hotel (0045.HK) slightly by 1.2% to HK$12.45, reaffirming its neutral rating. It indicated that the Grand Hotel's fiscal year 09 results were in line with the bank's expectations and raised its earnings forecast per share for 10-12 by 0.2%-0.6% in response to the improvement in its operating performance in the fourth quarter of 2009; however, it believes that the stock's current valuation reflects its concept of business recovery.

Grand Hotel closed at HK$11.34 last Friday.