UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on Marriott International
In a report published Monday, Cantor Fitzgerald reiterated its Buy rating on Marriott International (NYSE: MAR), and raised its price target from $44.00 to $48.00.
Cantor Fitzgerald noted, “We are introducing 2014 estimates for Marriott International, increasing our price target to $48 from $44, and reiterating our BUY rating. We have also begun to value Marriott off 2014 estimates. Our new price target represents 23% upside potential. Moreover, between free cash flow and incremental (leverage-neutral) borrowings, we believe Marriott could have $2.5-3.0 billion in available cash over the next two years to return to shareholders via dividends and buybacks.”
Marriott International closed on Friday at $38.88.
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