Market Perform - Price 26.27 on Oct. 14
by Raymond James

Recurring 3Q09 EPS was 15 cents, exceeding our estimate of 12 cents and consensus 13 cents, and above the high end of management's guidance....MAR had preannounced [that revenue per available room] fell 19.3%, versus guidance of down 20% to 23%. Better-than-expected fee and owned/leased/corporate income drove the beat....Limited 2010 guidance [sees] RevPAR at flat to minus 5%....Marriott remains fully valued on traditional metrics, trading at 25 times our new '11 EPS [estimate] of $1.05. Market cap: $9.6 billion.

Possible influx of tourists.

The Visitor tells the story of what happens after a young couple's illegal sublet is interrupted when its actual owner, played by Best Actor nominee Richard Jenkins, comes to "visit." If you ever find yourself short on beds, you might consider getting a room at a Marriott (MAR) hotel or perhaps Choice Hotels' (CHH) Econo Lodge. Marriott closed down 19 cents, or 1.3%, at $14.32, while Choice Hotels was up 2 cents to $24.92.

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wifes friend

Turn Corpses Into Cash: Even if you are not the late Leona Helmsley's pampered pooch there are still plenty of other ways to profit from the dead, says Simon Constable.

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Market Outperform - Price 32.01 on June 3
by JMP Securities

CEO Bill Marriott [recently] stated that while international business trends remain strong...U.S. demand has weakened, with midweek business now beginning to soften. He [said] he "would be surprised" if North American demand trends improved in the second half of the year. According Smith Travel Research, RevPAR [revenue per available room] growth for the current calendar quarter is an estimated 2.7%....For 2Q08, we're lowering our North America growth estimate from 4% to 2%, and lowering EPS estimate from 50 cents to 48 cents....Based on our new estimates, Marriott shares are currently trading at 2008 EV/Ebitda and P/E multiples of 9.4 times and 16.3 times, respectively, in line with industry averages, 9.4 times/17 times. Our new target [lowered to 48] assumes '09 P/E multiple of 20 times, in line with historical averages. Market cap: $11.1 billion.

Najarian said he is seeing a lot of options action in and Marriott (MAR).

Marriot (MAR) downgraded from Outperform to Perform at Oppenheimer. Trends in leisure travel are weakening, and business travel may soon follow.

Rating on Marriott (MAR) was cut to Equal-weight at Morgan Stanley. Expect lodging trends to deteriorate in the second half of the year, along with the overall economy. $40 price target.

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