UPDATE: Credit Suisse Raises PT on Marriott International Following EPS/EBITDA

In a report published Friday, Credit Suisse analyst Joel Simkins reiterated an Outperform rating on Marriott International

, and raised the price target from $45.00 to $48.00. In the report, Simkins noted, “MAR reported EPS and EBITDA of $0.43 and $268m, respectively, above consensus of $0.40 and $265m. North American systemwide RevPar rose 5.8% in the quarter, slightly above our expectations and towards the higher end of guidance at 4% to 7%. MAR has repurchased 8.1m shares YTD for $324m. Given strong FCF generation as well as reasonable leverage, we assume it can return another $500m-$700m before year-end. MAR left 2013 EBITDA guidance unchanged at $1.185bn-$1.235bn, which appears conservative given strong fee revenue growth and still healthy group trends. 2014 group booking pace up 5% versus a 4% decline a year ago is encouraging and helps set up future rate negotiations.” Marriott International closed on Thursday at $42.84.