UPDATE: Cantor Fitzgerald Initiates Buy, $41 PT on Marriott International

Cantor Fitzgerald initiates its coverage on Marriott International MAR with a Buy rating and a price target of $41 to reflect the company's pure-play leverage on the lodging recovery. Cantor Fitzgerald notes, "After spinning out timeshare, Marriott is a pure-play management and franchise company that will benefit from a multi-year recovery in lodging fundamentals. Without timeshare, its business is easier to understand, generates higher margins, is more capital efficient, and produces higher returns." MAR closed at $35.28 a share yesterday.