Bernstein analyst Richard Clarke upgraded Marriott International (MAR) to Outperform from Market Perform with a price target of $204, up from $178, following the Q1 report. Marriott’s RevPAR growth lead, higher quality earnings stream and potential net unit growth acceleration "point to a superior earnings story at an unwarranted discount to Hilton (HLT)," the analyst tells investors in a research note. The firm flipped its rank order of hotels post Marriott’s Q1 EBITDA beat and boosted outlook.
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Published first on TheFly
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Read More on MAR:
- Marriott price target raised to $198 from $187 at Baird
- Marriott upgraded to Outperform from Market Perform at Bernstein
- Marriott price target raised to $188 from $176 at Barclays
- Marriott International Jumps on Strong Travel Demand
- Marriott raises FY23 comparable systemwide RevPAR growth view to 10%-13%