Marriott price target raised to $204 from $200 at Macquarie

Macquarie raised the firm’s price target on Marriott to $204 from $200 and keeps a Neutral rating on the shares. The analyst expects “broad-based beat and raise” quarters from lodging operators during Q3 earnings, with upside coming from international markets. The firm says U.S. data for Q3 suggests C-corps domestic RevPAR is trending in line with both C-corps consensus and Marriott’s domestic guidance. Macquarie expects annual guidance to increase given recent trends in the U.S. and abroad, but expects managements to remain cautious on 2024 outlooks given current macro uncertainties. Its top picks remain Hyatt Hotels and Playa Hotels & Resorts.