Berenberg analyst Stuart Gordon downgraded Marriott to Hold from Buy with a price target of $151, up from $140. The analyst says he's beginning to notice some trends, in particular with the pipeline, that are leaving his "a little less enthused." Marriott's fundamentals in terms of room growth and fee growth remain strong, however, following the strong performance in 2019, the shares are close to full value, Gordon tells investors in a research note. He adds that over the last few years, there has been a moderation in Marriott's share of the global pipeline, "such that it is starting to pique our interest."