UPDATE: Jefferies Initiates Marriott International at Hold; Valuation is Fair

Jefferies initiated coverage on Marriott International

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.