JPMorgan lowered the firm’s price target on Marriott Vacations to $108 from $116 and keeps a Neutral rating on the shares after the company issued a press release that included a Q2 contract sales target of 2%-4% inclusive of a 4-point Maui headwind, which the firm notes is lower than its below-consensus forecast. The firm calculates that contract sales in the second half would need to grow 14.2% to achieve the midpoint of Marriott Vacations’ reaffirmed full-year growth target of 6%-9%, or $1.88B-$1.93B, and adjusted its forecasts for Q2 to reflect slower contract sales growth.
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