Marriott

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target to $249 from $195 on an EV/EBITDA of 16.6x, below Marriott International, Inc. (NASDAQ:MAR)’s five-year forward EV/EBITDA of 18.6x, reflecting weaker growth prospects. We cut our ’24 EPS to $9.34 from $9.57 and set ’25’s at $10.73. MAR posted Q4 adj-EPS of $3.57, $1.45 above consensus. Revenue of $6,095M (+2.9% Y/Y) was $108M below consensus. Adj-EBITDA was +19.5% Y/Y to $1,197M vs. the $1,145M consensus, with margin at 19.6%. Comparable RevPAR was +7.2%, the average daily rate was +3.0%, and Occupancy was +2.6%. MAR’s results were mixed, with positive yet decelerating demand trends both Q/Q and Y/Y. Nonrecurring tax items (+$1.59 impact on EPS) likely also contributed to MAR’s ’24 guidance missing consensus expectations. Yet, MAR still expects RevPAR growth to slow […]

Marriott (NASDAQ:MAR) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/29/2024 -3.03% Barclays $208 → $234 Maintains Equal-Weight 01/02/2024 -5.93% Jefferies $205 → $227 Maintains Hold 12/05/2023 -8.83% Wells Fargo → $220 Initiates Coverage On → Equal-Weight 10/23/2023 -3.44% HSBC → $233 Initiates Coverage On → Buy 10/16/2023 -3.85% Morgan Stanley $225 → $232 Maintains Overweight 09/21/2023 -8.41% Truist Securities → $221 Reiterates Hold → Hold 09/21/2023 -6.76% B of A Securities $215 → $225 Maintains Buy 09/12/2023 -10.9% TD Cowen $185 → $215 Maintains Outperform 08/31/2023 -6.76% Citigroup $175 → $225 Maintains Neutral 08/14/2023 -9.66% Bernstein $204 → $218 Downgrades Outperform → Market Perform 08/07/2023 -8% Wells Fargo $212 → $222 Maintains Overweight 08/02/2023 -8.41% Truist Securities $213 → $221 Maintains Hold 08/02/2023 -3.85% Argus Research $208 → $232 Maintains Buy 08/02/2023 -6.76% Morgan Stanley $208 → $225 Maintains Overweight 08/02/2023

By Will Feuer Marriott International grew its tally of rooms around the world by 4.7% last year, above the company’s previous forecast of 4.2% to 4.5%. Marriott is looking to accelerate its pace of room growth over the next few years. The hotel giant is targeting annual room growth of 5% to 5.5% through 2025. The company will get a boost this year from its licensing agreement with MGM Resorts International. For 2023, Marriott said its $100 million takeover of City Express helped boost its tally of rooms, especially in the affordable midscale segment, a quickly growing space. Write to Will Feuer at Will.Feuer@wsj.com

Marriott (NASDAQ:MAR) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 0.88% Jefferies $205 → $227 Maintains Hold 12/05/2023 -2.23% Wells Fargo → $220 Initiates Coverage On → Equal-Weight 10/23/2023 3.55% HSBC → $233 Initiates Coverage On → Buy 10/16/2023 3.11% Morgan Stanley $225 → $232 Maintains Overweight 09/21/2023 -1.78% Truist Securities → $221 Reiterates Hold → Hold 09/21/2023 -0% B of A Securities $215 → $225 Maintains Buy 09/12/2023 -4.45% TD Cowen $185 → $215 Maintains Outperform 08/31/2023 -0% Citigroup $175 → $225 Maintains Neutral 08/14/2023 -3.12% Bernstein $204 → $218 Downgrades Outperform → Market Perform 08/07/2023 -1.34% Wells Fargo $212 → $222 Maintains Overweight 08/02/2023 -1.78% Truist Securities $213 → $221 Maintains Hold 08/02/2023 3.11% Argus Research $208 → $232 Maintains Buy 08/02/2023 -0% Morgan Stanley $208 → $225 Maintains Overweight 08/02/2023 -6.67% BMO Capital $192 → $210 Maintains Market

Jefferies analyst David Katz maintains Marriott Intl (NASDAQ:MAR) with a Hold and raises the price target from $205 to $227.

Wells Fargo analyst Daniel Politzer initiates coverage on Marriott Intl (NASDAQ:MAR) with a Equal-Weight rating and announces Price Target of $220.

Marriott (NASDAQ:MAR) Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/05/2023 7.97% Wells Fargo → $220 Initiates Coverage On → Equal-Weight 10/23/2023 14.35% HSBC → $233 Initiates Coverage On → Buy 10/16/2023 13.86% Morgan Stanley $225 → $232 Maintains Overweight 09/21/2023 8.46% Truist Securities → $221 Reiterates Hold → Hold 09/21/2023 10.42% B of A Securities $215 → $225 Maintains Buy 09/12/2023 5.52% TD Cowen $185 → $215 Maintains Outperform 08/31/2023 10.42% Citigroup $175 → $225 Maintains Neutral 08/14/2023 6.99% Bernstein $204 → $218 Downgrades Outperform → Market Perform 08/07/2023 8.95% Wells Fargo $212 → $222 Maintains Overweight 08/02/2023 8.46% Truist Securities $213 → $221 Maintains Hold 08/02/2023 13.86% Argus Research $208 → $232 Maintains Buy 08/02/2023 10.42% Morgan Stanley $208 → $225 Maintains Overweight 08/02/2023 3.06% BMO Capital $192 → $210 Maintains Market Perform 08/02/2023 7.97% Baird $198 → $220 Maintains Neutral

MARRIOTT INTERNATIONAL REPORTS THIRD QUARTER 2023 RESULTS PR Newswire BETHESDA, Md., Nov. 2, 2023 — Third quarter 2023 comparable systemwide constant dollar RevPAR increased 8.8 percent worldwide, 4.3 percent in the U.S. & Canada, and 21.8 percent in international markets, compared to the 2022 third quarter; — Third quarter reported diluted EPS totaled $2.51, compared to reported diluted EPS of $1.94 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $2.11, compared to third quarter 2022 adjusted diluted EPS of $1.69; — Third quarter reported net income totaled $752 million, compared to reported net income of $630 million in the year-ago quarter. Third quarter adjusted net income totaled $634 million, compared to third quarter 2022 adjusted net income of $551 million; — Adjusted EBITDA totaled $1,142 million in the 2023 third quarter, compared to third quarter 2022 adjusted EBITDA of $985 million; — The company added approximately 17,200 rooms

Morgan Stanley analyst Stephen Grambling maintains Marriott Intl (NASDAQ:MAR) with a Overweight and raises the price target from $225 to $232.

Marriott International is holding an investor day on Sept. 27, when the hotel company is expected to offer up long-term financial guidance. Unit growth, a measure of new hotel development and conversions, will likely come in lower than the last time Marriott offered up long-term guidance in 2019, analysts at Citi say. “The development environment is challenging given delays during the pandemic and now higher interest rates,” they say, adding that mid-single digit growth seems aggressive.