Keefe Bruyette Raises 2011 EPS On Marriott International To $1.45

Keefe Bruyette & Woods has published a research report on Marriott International MAR and has increased 2011 EPS on the company as it approaches post-timeshare valuation. In the report, Keefe Bruyette writes "Although incremental detail regarding MAR's timeshare spinoff will not be available until late 2Q, in Table 1 we show our initial approach to valuation post the transaction. Significant balance sheet flexibility should provide growth opportunities as well as lead to a reduced sharecount through buyback activity. We are upping our 2011 EPS estimate to $1.45 from $1.35 (reflects no adjustments for timeshare spinoff)." Keefe Bruyette maintains its Outperform rating and $48 price target. Marriott International closed yesterday at $41.46.