Goldman Sachs downgraded Marriott (MAR) to Neutral from Buy with a price target of $245, down from $313. The firm expects the recent macro volatility and consumer pressures to be a headwind to the “macro sensitive segments.” It sees the business models for Marriott and Hilton as best in class, with significant cash flow per share compounding and resilient balance sheets. However, with the stocks’ valuations still above 2016-2019, and consensus estimates “still too high,” the risk/rewards are more balanced here.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MAR:
- Marriott price target lowered to $226 from $295 at Jefferies
- Cautious Hold Rating on Marriott International Amid Economic Uncertainties and Strategic Ventures
- Marriott signs agreement to open all-inclusive resort in Costa Rica
- Marriott price target lowered to $300 from $308 at Truist
- Ritz-Carlton announces debut in city of Suzhou