UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Marriott Vacations Worldwide

In a report published Monday, Goldman Sachs Group reiterated its Buy rating on Marriott Vacations Worldwide

, and raised its price target from $39.00 to $43.50. Goldman Sachs noted, “While there is no clear valuation comparable (Wyndham is the closest) we think Marriott Vacation's business has characteristics of several industries including homebuilding, manager/franchisor, lender, and hotel owner. We looked at the current multiples of each of these sectors and found that Marriott Vacation's core business is still trading on average a 6-point EV/EBITDA multiple discount to these companies (excluding banks since they are P/E). While these are not the exact same businesses, as one could argue homebuilding for example is at more of a trough, we think undertaking this analysis provides another comp.” Marriott Vacations Worldwide closed on Friday at $38.02.