Morgan Stanley lowered the firm’s price target on Marriott to $250 from $268 and keeps an Overweight rating on the shares. Marriott now expects 2024 EBITDA to grow 6%-8% year-over-year, down from a prior call for 7%-9% growth, and the firm’s estimates move lower to reflect a more cautious consumer spending backdrop and slightly lower room growth, the analyst tells investors.
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