Marriott price target raised to $269 from $251 at JPMorgan

JPMorgan analyst Joseph Greff raised the firm’s price target on Marriott (MAR) to $269 from $251 and keeps a Neutral rating on the shares. The firm said it can’t say enough positive things about Marriott’s business model, with appealing asset-light net rooms growth that generate attractive ROIC’s and value spreads, low balance sheet leverage, and ample excess free cash flow to repurchase shares. However, given where valuations sit and estimates that it views as fair, JPMorgan sees shares as stuck in a narrow range and would prefer to buy on pullbacks.