UPDATE: Goldman Sachs Starts Marriott International (MAR) at Buy
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(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.
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