UPDATE: Bank of America Merrill Lynch Lowers PO on Marriott International to $40

Bank of America Merrill Lynch is out with its report today on Marriott International MAR, lowering its PO from $42 to $40. In a note to clients, Bank of America Merrill Lynch writes, "MAR provided lower than expected Q3 RevPAR guidance and lowered 2011 EBITDA/EPS estimates slightly. Generally, our take is the issues are more MAR specific, but we do believe management had a less positive tone on the call. We are lowering our PO to $40 from $42 based on ~25x our new $1.63 in EPS." Bank of America Merrill Lynch maintains Buy on Marriott International. At the time of posting, shares of MAR were trading pre-market at $34.55, down 0.40% from Thursday's close.