Berquist also reaffirmed Marriott's outlook for first-quarter earnings-per-share between 24 cents and 28 cents. When Marriott reported its fourth-quarter results earlier this year, investors were particularly impressed with word from Marriott that it would split itself into two separate, publicly traded companies . "Marriott International expects to spin off its timeshare operations and development business as a new independent company through a special tax-free dividend to Marriott International shareholders in late 2011," the company said in February. Analysts from Goldman Sachs ( GS) cut its rating and price target on Marriott, citing uncertainty about the company's planned timeshare spin-off. Goldman downgraded Marriott to neutral, from buy, and cut its price target on the stock by $10 to $38. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: email@example.com.