UPDATE: ISI Group Upgrades Marriott International to Buy; Sell-Off in Shares Overdone
ISI Group initiated its coverage on Marriott International (NYSE: MAR) from Hold to Buy but reduced its price target from $43 to $41.
ISI Group commented, "We are upgrading Marriott (MAR) to Buy from Hold, with our revised 12-month PT of $41 (-$2) implying a 17% total return. … Against the backdrop of 2% GDP growth, moderate employment growth (100k jobs/month next 6 months) and no new supply, we believe the US lodging recovery will remain on track beyond '13. For MAR, we are forecasting 7%+ US RevPAR growth in 2H, and +6.5% in '13, with ADR growth up over 4.5%."
Marriott International closed at $35.58 on Thursday.
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