UPDATE: Nomura Raises PT on Marriott International on Positive Themes from Investor Meetings

In a report published Monday, Nomura analyst Harry C. Curtis reiterated a Buy rating on

, and raised the price target from $54.00 to $57.00. In the report, Nomura noted, “We hosted MAR management with mid-west investors last week. Below, we recap the key themes that we believe will lead to outperformance for the stock through 2015. We are increasing our price target to $57 from $54 as we roll the estimates that drive it forward to 2H2014/1H2015E EBITDA ($1.4b) from 2014E EBITDA ($1.37b). We expect upside of 22% in 12 months and 29% in 18 months, so we believe the stock should outperform in the near and intermediate term. Domestic supply growth should stay below 2% for several years owing to tight financing for low-quality brands. MAR has taken criticism for not expanding faster internationally. We expect MAR to close on its Portea hotel purchase in 1Q14. The D.C. Market currently looks a lot better than it did in 3Q13. For 2014, though, we expect YOY gains.” Marriott International closed on Friday at $46.57.