J.P. Morgan Raises MAR Target To $48 From $44

J.P. Morgan is raising its PT on Marriot International MAR from $44 to $48. “Our year-end 2011 price target is $48 (up from $44), which we derive by applying a 13x multiple to our 2012E EV/EBITDA and implies a ~26x multiple on our 2012E EPS, which is in line with our projected EPS growth rate through 2012,” J.P. Morgan writes. “At current levels, MAR trades at 13.6x 2011E EV/EBITDA and 11.2x 2012E EV/EBITDA.” Marriot International currently trades at $40.74.