Nomura Securities Reiterates a 'Buy' on Marriott (MAR); Q3 Review

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

Nomura analyst, Harry Curtis, said, "Catalysts for the stock include: 1) system-wide rooms should increase 4.5% per annum through 2013, supported by a 105k room global pipeline and 2) 2011 IMFs are expected to be 44% below peak levels, which leaves a lot of earnings upside. When the economy eventually reaccelerates, even modestly, IMFs could drive fee revenue to $1.7bln (16% above the peak) in 2013. We adjusted our 2011E EPS to $1.43 from $1.46, 2012E to $1.74 from $1.77 and 2013E to $2.37 from $2.44. During periods of sluggish economic growth, 0-2%, the stock has traded at 11x. MAR is now trading at a 17% discount to that multiple. Using 11x the stock should trade at $35, 22% above its current level."

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 $28.78 yesterday.

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