Deutsche Bank analyst Carlo Santarelli raised the firm’s price target on Marriott (MAR) to $220 from $216 and keeps a Hold rating on the shares. Marriott shares were of modestly Monday due to a relatively softer-than-expected Q3 and lowered Q4 guidance, though given peer reports prior, it’s not surprising that the reaction to the miss and lowered outlook is muted, the analyst tells investors in a research note. The firm noted, however, that it is raising its price target on the shares on “modestly higher” adjusted EBITDA related to SG&A reductions.
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