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