Nomura Securities Maintains a 'Buy' on Marriott International (MAR); Look at 3Q Results

Nomura Securities maintains a 'Buy' on Marriott International (NYSE: MAR) price target of $35.00.

Nomura analyst, Harry Curtis, said, "Key points include: 1. Its base business is stronger than expected (after two disappointing quarters), 2. The business throws off more cash than expected, and 3. RevPAR and EPS in 2012 (after adjusting for the timeshare spin) should be higher than expected as long as the global economy avoids recession. Based on MAR’s aggressive $500m share repurchase, management is more confident in the future than investors. Given the expected earnings growth, the stock looks attractive at its current level. MAR trades at 8.9x 2012E EBITDA, a 19% discount to its “sluggish economy” multiple of 11x.

For more ratings news on Marriott International click here and for the rating history of Marriott International click here.

Shares of Marriott International closed at $28.18 yesterday.

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