Marriott price target lowered to $248 from $250 at Wells Fargo

Wells Fargo lowered the firm’s price target on Marriott to $248 from $250 and keeps an Equal Weight rating on the shares. The firm notes Marriott had an in-line Q1 report, with RevPAR at the lower end of its range offset by better non-RevPAR fees. FY24 guide upped 1%-2% on broadly stable demand trends, while International growth outlook seems brighter than U.S., adds Wells.