Raymond James analyst William Crow downgraded Marriott to Market Perform from Outperform. Following a strong performance in 2019, Crow tells investors in a research note that Marriott shares are trading at the upper bounds of the 5 and 10-year historical ranges despite what appears to be a more challenging fundamental landscape. With Q4 earnings season looming, Crow also reminds investors that Marriott shares have not reacted particularly well to quarterly earnings reports in the past couple of years and adds that Marriott's larger-than-peer exposure to China makes it vulnerable to that country's slowing growth, while recent performance within its sizable stable of select-service brands suggests that new supply is taking a toll on older assets.

Barclays raised the firm's price target on Marriott to $240 from $239 and keeps an Equal Weight rating on the shares as part of a Q1 lodging sector preview. The firm says the Easter shift dragged down March, making Q1 RevPAR beats less than likely. However, the analyst still expects more or less in-line EBITDA for the large caps.