UPDATE: Goldman Sachs Starts Marriott International (MAR) at Buy
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Updated - September 26, 2016 9:00 AM EDT)
Goldman Sachs initiated coverage on Marriott International (NASDAQ: MAR) with a Buy rating and a price target of $81, implying upside of 18% pulse a 1.8% dividend yield. Analyst Stephen Grambling sees the company as the best positioned in lodging, with upside potential from the integration of Starwood.
"The combined Marriott/Starwood entity ranks at the top of our stock selection framework with attractive returns, growth and locations not fully reflected in valuation. Importantly, we believe the acquisition will give MAR more levers to drive growth against a decelerating backdrop, as synergies of $250mn appear achievable, revenue synergies exist from both RevPAR improvements and franchisee benefits, and expected asset sale proceeds of $1.5-$2bn could prove conservative," said Grambling.
Shares of Marriott International closed at $68.44 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
- Jefferies Raises Price Target on Finisar (FNSR) to $37 Following 2Q Beat and Raise
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesGoldman Sachs, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!