Shares of Marriott International (MAR) surged 5.24% in pre-market trading on Monday, following a significant upgrade from Jefferies. The investment firm raised its rating on the hotel giant to Buy from Hold, signaling increased confidence in the company's prospects.

Jefferies not only upgraded Marriott but also substantially increased its price target for the stock to $303 from $226. This bullish stance is based on the firm's belief that Marriott's business model is well-positioned to grow despite the current uncertain business climate. Analysts at Jefferies suggest that peak multiples are appropriate for Marriott, as shares currently trade in the mid-range.

The upgrade comes at a time when the hotel industry is showing signs of recovery from the pandemic-induced slowdown. Marriott's strong brand portfolio and global presence appear to be key factors in Jefferies' positive outlook. This pre-market rally indicates that investors are reacting favorably to the upgraded rating and higher price target, potentially setting the stage for a strong trading session for Marriott.