UPDATE: Goldman Sachs Lowers PT on Marriott International to $35

Goldman Sachs is out with its report today on Marriott International MAR, lowering its PT from $37 to $35. In a note to clients, Goldman Sachs writes, "We are updating our Marriott estimates following the company's 2Q results. We are lowering our EPS due to lower RevPAR growth and higher G&A growth assumptions. Our new 2011, 2012 and 2013 EPS estimates are $1.38, $1.71, and $1.94 down from $1.40, $1.80, and $2.08. We are also introducing our 2012 quarterly estimates, which are $0.33, $0.41, $0.34, and $0.60. We are lowering our 12-month price target to $35 from $37 on our lower estimates. Our price target is based on EV/EBITDA and DCF analysis." Shares of MAR closed Thursday at $34.69, down 6.60% from Wednesday's close.