Rodman & Renshaw Reduces Marriot PT to $38

Rodman & Renshaw reduced its Marriot International MAR price target from $43 to $38 in a research report published today. Rodman & Renshaw has previously given Marriot a Market Perform rating. In the report, Rodman & Renshaw states, "MAR's 2Q11 EPS of $0.37 was in line with the Street and beat us by a penny. Operationally the quarter fell short of expectations, but lower SG&A, tax rate, and share count were enough to erase the operational shortfall and provide the penny upside to our estimate. MAR's 3Q11 guidance was below the pre-call consensus and investor's reacted negatively sending shares down over 7% on the day." Shares of Marriot International were trading at $34.69 at the time of posting, down 6.60% from Wednesday's market close.