Morgan Stanley analyst Stephen Grambling initiated coverage of Marriott with an Overweight rating and $190 price target. Marriott has transformed its business over the past 10 years, shedding owned real estate, spinning off timeshare, and shifting management contracts to be more variable, Grambling tells investors in a research note. The analyst believes these shifts "provide significantly lower cyclicality" for Marriott that should prompt a further re-rating of the shares.
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Published first on TheFly
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