Marriott International Gets Price Target Hikes By Analysts Following Upbeat Q1 Results

Marriott International Inc (NASDAQ: MAR) reported better-than-expected Q1 results and raised FY23 outlook.

Marriott reported first-quarter FY23 sales growth of 34% year-on-year to $5.62 billion, beating the consensus of $5.41 billion. Adjusted EPS of $2.09 beat the analyst consensus of $1.84.

Marriott raised FY23 Adjusted EPS guidance from $7.23-$7.91 to $7.97-$8.42 versus the consensus of $7.74. It now expects FY23 gross fee revenues of $4.6 billion - $4.75 billion.

Marriott shares gained 5% to close at $178.61 on Tuesday and added 0.5% in today’s pre-market trading.

These analysts made changes to their price targets on Marriott following earnings announcement.

• Barclays raised the price target on Marriott from $176 to $188. Barclays analyst Brandt Montour maintained an Equal-Weight rating.
• Baird raised the price target on Marriott from $187 to $198. Baird analyst Michael Bellisario maintained a Neutral rating
• Bernstein analyst Richard Clarke, meanwhile, upgraded Marriott from Market Perform to Outperform and announced a $204 price target.

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