UPDATE: Deutsche Bank Reinitiates Hold, $44 PT on Marriott International; Valuation Fair

Deutsche Bank reinitiates its coverage on Marriott International MAR with a Hold rating and a price target of $44. Deutsche Bank notes, "At current levels, we believe the easy comparisons for MAR and favorable near and longer term demand-supply dynamics in the lodging industry are largely priced in. From here, we believe much of the story will depend on MAR's ability to outpace industry RevPAR benchmarks and its use of free cash flow to garner incremental investor support. While we believe the majority of the MAR story stacks up nicely, we find much of the positives to be understood and reflected in valuation." MAR closed at $38.69 on Monday.