UPDATE: Jefferies Lowers PT on Marriott International to $43

Jefferies is out with its report today on Marriott International MAR, lowering its PT from $45 to $43. In its report, Jefferies writes, "Our price target is $43 from $45. We maintain our view that with the recovery ongoing and MAR becoming a more meaningful participant in 2012, peak multiples are appropriate. As such, we assign 12.3X, 25.0X and 15.0X multiples on our 2012E EV/EBITDA, EPS and FCF." Jefferies maintains Buy on MAR. At the time of posting, shares of MAR were trading pre-market at $34.00, up 4.62% from Friday's close.