Cantor Fitzgerald reported on Monday that they have increased their price target on hospitality company, Marriott International, Inc.(MAR).
The firm has reiterated its “Buy” rating on MAR, and has increased its price target from $44 to $48. This price target suggests a 21% increase from the stock’s current price of $38.73.
An analyst from the firm commented, “we are introducing 2014 estimates for Marriott International, increasing our price target to $48 from $44, and reiterating our BUY rating. We have also begun to value Marriott off 2014 estimates. Our new price target represents 23% upside potential. Moreover, between free cash flow and incremental (leverage-neutral) borrowings, we believe Marriott could have $2.5-3.0 billion in available cash over the next two years to return to shareholders via dividends and buybacks.”
Marriott shares were down 23 cents, or -0.59% during premarket trading Tuesday. The stock has increased 15.5% in the past year.
The Bottom Line
Shares of Marriott International (MAR) have a 1.34% dividend yield, based on last night’s closing stock price of $38.73. The stock has technical support in the $35 price area. If the shares can firm up, we see overhead resistance around the $40-$42 price levels.
Marriott International, Inc.(MAR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.