Marriott downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Marriott (MAR) to Market Perform from Outperform with a price target of $218, up from $204. “In a decelerating world however, hotels are, at best, fully valued,” the analyst tells investors in a research note. The firm cites valuation for the downgrade of Marriott with the shares up 42% year-to-date. The stock’s shorter term upside is limited by valuation and the slowdown of U.S. luxury, contends Bernstein. The firm moved Hyatt (H) back to its top pick.