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MAR

Marriott

$114.86

-6.92 (-5.68%)

, HST

Host Hotels

$18.94

-0.36 (-1.87%)

15:16
11/30/18
11/30
15:16
11/30/18
15:16

Marriott pullback on data breach an overreaction, says Morgan Stanley

Morgan Stanley analyst Thomas Allen said the 6% pullback in Marriott (MAR) shares, which implies about $2.4B of lost equity value, is an overreaction, contending that a 2%-3% impact would be more appropriate. Data breaches typically cost $1 per customer in notification and other services, according to Insurance Insider, and he estimates potential fines and/or settlements of about $200M for Marriott. Insurance Insider also reports that sources suggest the company has about $300M of cyber insurance coverage to partially offset losses, Allen noted. If it is also assumed that Marriott takes a 1% hit to RevPAR, which is about what Target (TGT) saw in terms of comparable store sales impact in the wake of its own data breach, that amounts to about $580M in stock value, Allen tells investors. If Marriott RevPAR is in fact impacted 1% by the breach, he estimates this implies about 55c and 35c per share of lost value for Marriott-exposed lodging REITs Host Hotels (HST) and DiamondRock (DRH), respectively, or about 3%. Allen has an Equal Weight rating and $123 price target on Marriott shares.

MAR

Marriott

$114.86

-6.92 (-5.68%)

HST

Host Hotels

$18.94

-0.36 (-1.87%)

DRH

DiamondRock

$10.48

-0.19 (-1.78%)

  • 30

    Nov

  • 05

    Dec

MAR Marriott
$114.86

-6.92 (-5.68%)

11/30/18
JPMS
11/30/18
NO CHANGE
JPMS
Overweight
Comparison of Marriott breach to Equifax a 'much too dire' view, says JPMorgan
JPMorgan analyst Joseph Greff believes it is "way too early" to quantify the financial impact to Marriott (MAR) of the company's data breach, which he notes is large in terms of number of guests and "deep" in terms of the types of data - such as passport, credit card and address information - that may have been exposed. Marriot shares appear to be to be pricing in a "sizable permanent impact," given that the roughly 6% pullback implies $130M-$135M in lost net income using its current 2019 P/E multiple, Greff tells investors. His general view is that any damage done to the brand longer-term will likely be minimal, if there is any at all, adding that "consumers are growing somewhat numb to these events." In his conversations today, the "kneejerk comparison" has been to Equifax's (EFX) breach last year, but that comparison "is (much) too dire," Greff believes. He maintains an Overweight rating on Marriott shares.
11/30/18
JPMS
11/30/18
NO CHANGE
JPMS
Marriott data breach impact too early to quantify, says JPMorgan
11/30/18
JEFF
11/30/18
NO CHANGE
Target $124
JEFF
Hold
Marriott financial impact from breach likely marginal, says Jefferies
After Marriott disclosed it is investigating a data security incident involving a Starwood guest reservation database that contains information on up to approximately 500M guests, including approximately 327M of whom may have had sensitive information accessed, Jefferies analyst David Katz said he believes the announcement will pressure shares in the near-term, but he does not expect a meaningful financial impact either in the near-term or long term-term. While he thinks any revisions to estimates will be marginal, Katz does think "it is prudent to contemplate" the possibility for near-term, headline-driven apprehension in new bookings, the possible medium- to longer-term impact of customers leaving to competitors and the near-term expenses and any potential charges or settlements. He keeps a Hold rating on Marriott shares, citing valuation, with a $124 price target.
11/27/18
11/27/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Disney (DIS) upgraded to Outperform from In-Line at Imperial Capital with analyst David Miller saying while fiscal 2019 should be a "transitional year," fiscal 2020 brings an "abundance of catalysts." 2. Citizens Financial (CFG) upgraded to Outperform from Neutral at Macquarie. 3. Parsley Energy (PE) upgraded to Buy from Neutral at Goldman Sachs with analyst John Nelson saying greater appreciation of the the company's free cash flow inflection in the second half of 2019 should drive improved investor sentiment. 4. Taubman Centers (TCO) was upgraded to Sector Perform from Underperform at Scotiabank and to Equal Weight from Underweight at Morgan Stanley. 5. Marriott (MAR) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Stephen Grambling saying the stock has been penalized recently amid Starwood integration issues, but these will prove temporary and position Marriott better in the future. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
HST Host Hotels
$18.94

-0.36 (-1.87%)

06/10/18
GSCO
06/10/18
DOWNGRADE
Target $20
GSCO
Sell
Goldman downgrades Host, Park to Sell on unfavorable risk/rewards
Following his firm's Lodging, Gaming, Restaurants & Leisure conference, Goldman Sachs analyst Stephen Grambling downgrades both Host Hotels & Resorts (HST) and Park Hotels & Resorts (PK) to Sell from Neutral. The recent multiple expansion in the stocks, related primarily to industry consolidation, leaves unfavorable risk/reward profiles, Grambling tells investors in a research note. The analyst does not see either company's RevPAR or EBITDA growth accelerating back to mid-cycle levels given near-peak occupancy, ongoing urban supply growth, and wage inflation. His $20 price target on Host represents 6% total return downside over the next 12 months while his $29 price target on Park represents 1% total downside. Grambling also reiterates Buy ratings on Marriott (MAR), Hilton (HLT) and Wyndham Hotels & Resorts (WH), where he sees total return potential of 20%, 20% and 32%, respectively.
06/11/18
EVER
06/11/18
DOWNGRADE
EVER
In Line
Host Hotels downgraded to In Line from Outperform at Evercore ISI
06/11/18
06/11/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SemGroup (SEMG) downgraded to Market Perform from Outperform at Wells Fargo with analyst Michael Blum saying he believes its growth trajectory is mostly reflected in valuation. 2. Host Hotels (HST) and Park Hotels (PK) were downgraded to Sell from Neutral at Goldman Sachs, Host Hotels was also downgraded to In Line from Outperform at Evercore ISI. 3. NXP Semiconductors (NXPI) downgraded to Hold from Buy at SunTrust with analyst William Stein saying the current stock price is above fair value and demands "an explicit view" that the Qualcomm (QCOM) bid will receive approval from China regulators. 4. Nektar (NKTR) downgraded to Neutral from Buy at H.C. Wainwright with analyst Debjit Chattopadhyay saying an updated cut of NKTR-214 data presented at an investor conference on June 06, does not assuage fears on the outlook of NKTR-214 in the post ECHO-301, immuno-oncology combination therapy landscape. 5. DDR Corp. (DDR) downgraded to Underperform from In Line at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/12/18
NOMU
06/12/18
NO CHANGE
Target $105
NOMU
Buy
Nomura raises price targets in Lodging, sees most upside in Hilton
Nomura Instinet analyst Harry Curtis raised his Lodging sector price targets after rolling forward his estimates to 2019 EBITDA. The analyst sees the most upside in his Buy-rated stocks: Hilton (HLT), Marriott (MAR), Hilton Grand Vacations (HGV), Extended Stay America (STAY) and Playa Hotels & Resorts (PLYA). He raised his price target for Neutral-rated Choice Hotels (CHH) to $88 from $85, Neutral-rated Hyatt (H) to $85 from $76, Hilton Grand Vacations to $52 from $50, Hilton to $105 from $99, Neutral-rated Host Hotels (HST) to $23 from $22 and Marriott to $165 from $159.
DRH DiamondRock
$10.48

-0.19 (-1.78%)

10/31/18
WELS
10/31/18
DOWNGRADE
WELS
Market Perform
DiamondRock downgraded to Market Perform from Outperform at Wells Fargo
05/17/18
EVER
05/17/18
DOWNGRADE
EVER
In Line
DiamondRock downgraded to In Line from Outperform at Evercore ISI
03/29/18
03/29/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. GameStop (GME) downgraded to Underperform from Neutral at BofA/Merrill by analyst Curtis nagle, who said he no longer believes GameStop's non-gaming segments will be sources of growth or earnings over the next few years and cut estimates well below the Street for 2018. He expects increased earnings pressure in 2019 and beyond as strong sales from the Nintendo Switch and Collectibles expansion, and lower tax rate are lapped. 2. Cloud Peak Energy (CLD) downgraded to Underweight from Neutral at JPMorgan by analyst John Bridges, saying he sees higher risk for the company from lower natural gas prices as production ramps up from the Permian basin. He also believes Cloud Peak has a "lesser diversified production profile" with exposure to thermal coal only. 3. Starbucks (SBUX) downgraded to Neutral from Outperform at Wedbush. 4. ViaSat (VSAT) downgraded to Underweight from Equal Weight at Barclays by analyst Mathieu Robilliard. The analyst sees see continued risk for oversupply in the satellite industry. The sector stock price performance has started to reflect these concerns, apart from ViaSat which has outperformed peers, Robilliard said, adding that he believes the current stock price reflects assumptions that are too optimistic. 5. DiamondRock (DRH) downgraded to Underperform from Neutral at Boenning & Scattergood by analyst Floris van Dijkum following share strength related to the LaSalle Hotel (LHO) bid announcement as he believes shares are not overly discounted relative to hotel peers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/29/18
BOSC
03/29/18
DOWNGRADE
BOSC
Underperform
DiamondRock downgraded to Underperform from Neutral at Boenning & Scattergood
Boenning & Scattergood analyst Floris van Dijkum downgraded DiamondRock to Underperform following share strength related to the LaSalle Hotel (LHO) bid announcement as he believes shares are not overly discounted relative to hotel peers.

TODAY'S FREE FLY STORIES

LJPC

La Jolla

$6.81

0.11 (1.64%)

12:36
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VZ

Verizon

$59.33

-0.01 (-0.02%)

, NFLX

Netflix

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-1.51 (-0.52%)

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DIS

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GOOGL

Alphabet Class A

$1,299.86

2.68 (0.21%)

, C

Citi

$74.61

-0.47 (-0.63%)

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C

Citi

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Nike

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1.04 (1.16%)

AMZN

Amazon.com

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DKS

Dick's Sporting

$40.24

-0.01 (-0.02%)

GOOG

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AAPL

Apple

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2.17 (0.83%)

GS

Goldman Sachs

$218.71

-1.7 (-0.77%)

TECD

Tech Data

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5.91 (4.71%)

APO

Apollo Global

$42.95

0.015 (0.03%)

DDOG

Datadog

$39.87

5.47 (15.90%)

CDLX

Cardlytics

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12.17 (30.54%)

LK

Luckin Coffee

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2.32 (12.21%)

CSIQ

Canadian Solar

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SDC

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-2 (-18.15%)

I

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$13.93

-6.46 (-31.68%)

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    Jan

CSCO

Cisco

$48.63

0.25 (0.52%)

, ACIA

Acacia Communications

$67.39

0.11 (0.16%)

12:27
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12:27
On The Fly
Fly Intel: What to watch in Cisco's earnings report »

Cisco (CSCO) is scheduled…

CSCO

Cisco

$48.63

0.25 (0.52%)

ACIA

Acacia Communications

$67.39

0.11 (0.16%)

DDOG

Datadog

$39.79

5.39 (15.67%)

03/08/13
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  • 13

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IRTC

iRhythm

$61.56

-5.885 (-8.73%)

12:25
11/13/19
11/13
12:25
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12:25
Recommendations
iRhythm analyst commentary  »

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12:20
11/13/19
11/13
12:20
11/13/19
12:20
General news
Powell on China growth: very hard to understand China »

Powell on China growth:…

12:20
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General news
Oil Action: WTI crude »

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IRTC

iRhythm

$61.02

-6.425 (-9.53%)

12:19
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12:19
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IRTC

iRhythm

$61.02

-6.42 (-9.52%)

12:19
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11/13
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Hot Stocks
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
11/13/19
11/13
12:17
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12:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
11/13/19
11/13
12:16
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12:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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STNE

StoneCo

$35.85

-0.15 (-0.42%)

12:15
11/13/19
11/13
12:15
11/13/19
12:15
Options
StoneCo put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 21

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12:15
11/13/19
11/13
12:15
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General news
Powell: the outlook is still positive and there's no reason why the expansion cannot continue »

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ACCO

Acco Brands

$9.34

-0.02 (-0.21%)

12:13
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11/13
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Conference/Events
Acco Brands management to meet with Barrington »

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  • 19

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INVE

Identiv

$4.92

-0.08 (-1.60%)

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NFLX

Netflix

$290.51

-1.5 (-0.51%)

, DIS

Disney

$137.18

-1.38 (-1.00%)

12:08
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Hot Stocks
Breaking Hot Stocks news story on Netflix, Disney »

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NFLX

Netflix

$290.51

-1.5 (-0.51%)

DIS

Disney

$137.18

-1.38 (-1.00%)

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  • 21

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12:05
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General news
Powell didn't fully answer why analysts have low rates even as government spending increases »

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DIS

Disney

$137.19

-1.37 (-0.99%)

12:04
11/13/19
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Hot Stocks
Disney turns positive after announcing 10M streaming sign-ups »

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V

Visa

$179.30

-0.49 (-0.27%)

, MA

MasterCard

$278.23

1.12 (0.40%)

12:04
11/13/19
11/13
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12:04
Periodicals
FTC probing Visa, MasterCard over debit card transactions, Bloomberg reports »

Visa (V) and MasterCard…

V

Visa

$179.30

-0.49 (-0.27%)

MA

MasterCard

$278.23

1.12 (0.40%)

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  • 10

    Dec

DIS

Disney

$137.23

-1.33 (-0.96%)

12:03
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11/13
12:03
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12:03
Hot Stocks
Breaking Hot Stocks news story on Disney »

Disney says streaming…

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ENR

Energizer

$47.45

5.44 (12.95%)

12:00
11/13/19
11/13
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Hot Stocks
Energizer rises 13.2% »

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SPB

Spectrum Brands

$60.10

8.91 (17.41%)

12:00
11/13/19
11/13
12:00
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12:00
Hot Stocks
Spectrum Brands rises 17.0% »

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  • 13

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LN

Line Corp.

$49.79

9.12 (22.42%)

12:00
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Line Corp. rises 21.9% »

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