UPDATE: Goldman Sachs Upgrades Marriott International to Buy, Raises PT to $38

Goldman Sachs upgrades Marriott International MAR to Buy from Neutral and raises its price target to $38 from $32 as the company benefits from low supply growth and improving demand in lodging. Goldman Sachs lists the following catalysts: "(1) MAR RevPAR underperformance may end as the company benefits from improving group/conference and Courtyard renovations. (2) Without timeshare, MAR is even more fee driven, which should allow management to focus more cash to buybacks and dividends. MAR has seen unit growth over time, which should offset potential RevPAR weakness and future incentive fees should be less volatile as an increasing amount of the company's pipeline is international. (3) MAR has “hidden assets” such as owned hotels, excess land, hotels under development and joint ventures that are not fully valued in the current share price, in our view." MAR closed at $32.70 per share on Tuesday.