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A weakening macro setting might weigh on Marriott Worldwide within the months forward, in response to Barclays. Analyst Brandt Montour downgraded shares to equal weight from obese, citing the lodging inventory’s present buying and selling worth, which is now in step with Barclays’ goal. “In 2022, we justified our OW based mostly on MAR’s higher-end segmentation and the expansion tailwinds from a restoration of group and high-end company transient,” he wrote in a be aware to shoppers Thursday. “That thesis performed out nicely, however we see much less of those tailwinds heading into 2023, in addition to incrementally extra worth sensitivity on the excessive finish.” Montour upped the financial institution’s worth goal on Marriott to $170 from $163, suggesting shares might acquire about 7% from Wednesday’s shut. The inventory’s down practically 4% this 12 months and shed about 2% earlier than the bell. Though Marriott has a strong administration crew and powerful loyalty program, Barclays views shares as pretty valued given the heightened macro dangers. Montour upgraded shares of Wyndham Accommodations in the identical be aware, calling the inventory a well-liked lodging decide as customers commerce down. He upped the agency’s goal worth on shares to $88 from $80, implying that the inventory might acquire greater than 23% from Wednesday’s shut after slumping about 20% this 12 months. — CNBC’s Michael Bloom contributed reporting
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