Marriott price target raised to $261 from $238 at Wells Fargo

Wells Fargo raised the firm’s price target on Marriott (MAR) to $261 from $238 and keeps an Equal Weight rating on the shares. Discussing Q3 for the lodging group, the firm says it expects RevPAR to be at the low-end of company guides, with mixed commentary on Q4 given weather/election disruption. Net unit growth remains strong, which continues to support premium valuations, but a lot is priced in, Wells adds.