UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Marriott International on Updated Estimates Following 4Q12 Results

In a report published Monday, Goldman Sachs reiterated its Neutral rating on Marriott International MAR, and slightly raised its price target from $41.50 to $42.00. Goldman Sachs noted, “We are updating our estimates following 4Q12 results. Our new EPS estimates for 2013 and 2014 are $2.04 and $2.44, changed from $2.02 and $2.42. Our EBITDA 2013-2014 estimates move to $1,262mn/$1,397mn (from $1,249mn/$1,381mn earlier). With this update we introduce FY2015E EPS of $2.94and EBITDA of $1,549mn. Marriott's RevPAR growth has lagged industry levels in recent quarters and given its guarded commentary on 2013, appears unlikely to be reversed near term. While 2012 was a year of strong capital returns and another $800mn to $1bn (via buybacks and dividends) is expected in 2013, we continue to favor a more aggressive dividend policy from the company. Our EV/EBITDA and DCF-based 12-month price target is raised to $42 from $41.50 on our revised estimates.” Marriott International closed on Friday at $39.49.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsConsumer DiscretionaryGoldman SachsHotels, Resorts & Cruise Lines
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!