UPDATE: KBW Raises PT on Marriott International to $48

KBW is out with its report today on Marriott International MAR, raising its PT from $40 to $48 In a note to clients, KBW writes, "We are updating estimates to reflect the stand-alone lodging business post expected timeshare spin-off by year-end 2011. Full-year 2011E EPS unchanged at $1.40; 2012E revised to $1.55 from $1.70. On a comparable basis we estimate 22% EPS growth. Introducing 2013E EPS at $1.80. PT declines to $40 from $48, reflecting 13.5x 2012E EBITDA. Estimate $1.60 timeshare dividend. Maintain Outperform." Shares of MAR closed Tuesday at $34.35.