UPDATE: Jefferies Initiates Marriott International at Hold; Valuation is Fair
Jefferies initiated coverage on Marriott International (NYSE: MAR) with a Hold rating and a $34 price target.
Jefferies commented, "Marriott's domestic prowess is attractive, as is its asset-light model. We forecast recurring double-digit earnings growth, despite limited exposure to faster-growing Emerging Markets. However, we think Marriott is fairly valued for what is a more defensive, US-centric operator. Hence, we initiate with a Hold recommendation."
Marriott International closed at $24.43 on Friday.
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