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Research Alert: CFRA Keeps Buy Opinion On The Shares Of Marriott International, Inc.

05/10/2021 07:31

11:25 AM EDT, 05/10/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target by $15 to $160 on '22 EV/EBITDA of 19.9x, slightly above peers. We keep our '21 EPS estimate of $2.28 and raise '22's by $0.07 to $4.62. Amid the ongoing vaccine rollout and some easing of travel restrictions, MAR sees an improvement in hotel demand paced by leisure (and some pickup in group and business) transient demand, with relative strength in Greater China. Despite some likely challenges with an uneven path to recovery, we think HLT should benefit from the release of pent-up demand in H2 '21, likely accelerating in '22. With company veteran Anthony Capuano recently stepping up as CEO after the passing of Arne Sorenson, we see no major change in MAR's strategic direction. Q1 adjusted EPS of $0.10 vs. $0.49 was $0.07 above consensus. Amid the lockdown, revenues declined 51% as global system-wide RevPAR fell 46% ex-FX (vs. declines of 64% and 66% in Q4 and Q3) on comparable declines in the U.S. and international markets. Adjusted EBITBA margin widened 340 basis points.