Marriott International (MAR) PT Raised to $105 at Goldman Sachs; Top Rating Maintained

Goldman Sachs raised its price target on Marriott International (NASDAQ: MAR) to $105.00 (from $103.00) while maintaining a Conviction Buy rating after the company hosted its first investor day since 2014 in NY.

Analyst Stephen Grambling cited the following key takeaways from the event: (1) Building a less volatile FCF machine, (2) Starwood integration on track, areas of upside not in outlook, (3) Near-term RevPAR still sluggish, as expected.

The firm raised FY17/18/19 EPS estimates to $4.11/$4.75/$5.52 to better reflect components of free cash flow and corresponding shareholder distributions.

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