Marriott price target raised to $252 from $240 at Stifel

Stifel raised the firm’s price target on Marriott (MAR) to $252 from $240 and keeps a Hold rating on the shares after the company reported Q3 results that missed consensus estimates and cut its outlook for fiscal 2024. The firm noted that, on its quarterly call, the company discussed plans to improve effectiveness and efficiency across the company, with such cost savings expected to yield $80M-$90M of annual pretax G&A savings beginning in 2025. Stifel also noted that management has annually returned “significant” amounts of cash to shareholders, and that the industry is “recovering nicely.”