Marriott price target lowered to $254 from $263 at Truist

Truist lowered the firm’s price target on Marriott to $254 from $263 and keeps a Hold rating on the shares. With a marginally softer macro environment, Marriott can partially balance the RevPAR headlines via loyalty program strength, the analyst tells investors in a research note. The pipeline remains strong, per Marriott, Truist notes, though Marriott’s commentary in response to an earnings question on providing more key money “lower in the quality tier framework” speaks to what the firm perceives as a more challenged environment for newbuild development.