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MAR

Marriott

$130.21

2.06 (1.61%)

16:33
11/04/19
11/04
16:33
11/04/19
16:33

Marriott reports Q3 adjusted EPS $1.47, consensus $1.49

Reports Q3 revenue $5.25B, consensus $5.13B. Q3 comparable systemwide constant dollar RevPAR rose 1.5% worldwide, 1.9% outside North America and 1.3% in North America. The company added more than 17,700 rooms during Q3, including roughly 3,100 rooms converted from competitor brands and approximately 6,700 rooms in international markets. At quarter-end, Marriott's worldwide development pipeline totaled roughly 2,950 hotels and nearly 495,00. CEO Arne Sorenson said, "It's been just over three years since the completion of the Starwood acquisition. In that time, we've realized meaningful synergies, enhanced guest satisfaction, and recycled more than $2.2 billion of assets. Earlier this year, we launched our new loyalty program, Marriott Bonvoy, which provides meaningfully enhanced member benefits while leveraging our broad portfolio and significant hotel distribution. With more than 12 million guests joining Marriott Bonvoy since the beginning of the year, program membership reached 137 million in the quarter and the percentage of occupancy from members increased 320 basis points worldwide. In the third quarter, our worldwide comparable systemwide constant dollar RevPAR increased 1.5 percent, consistent with our guidance, while our global RevPAR index rose 210 basis points. Our sales organization is hitting its stride. For comparable hotels in North America, group revenue booked in the third quarter for all future periods increased 6 percent and, today, group revenue pace for 2020 is up at a mid-single digit growth rate. Year-to-date through November 1, we have already returned nearly $2.3 billion to shareholders. For full year 2019, we expect cash returned to shareholders through dividends and share repurchases could approach $3 billion. We expect continued strong demand for our products. For the fourth quarter of 2019, we expect comparable RevPAR on a constant dollar basis will increase 0 to 1 percent in North America, roughly 1 percent outside North America, and roughly 1 percent worldwide. For full year 2020, we expect comparable systemwide RevPAR on a constant dollar basis will be flat to up 2 percent worldwide, with RevPAR growth in North America around the middle of that range."

  • 05

    Nov

MAR Marriott
$130.21

2.06 (1.61%)

09/11/19
09/11/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Hilton (HLT) initiated with an Outperform at Bernstein while Marriott (MAR) initiated with a Market Perform. 2. Ceridian (CDAY) initiated with an Overweight at Cantor Fitzgerald. 3. PacifiCare (PHS) initiated with an Outperform at William Blair. 4. Ollie's Bargain Outlet (OLLI) initiated with a Buy at Craig-Hallum. 5. ADP (ADP) initiated with an Outperform at Cowen while Paychex (PAYX) initiated with a Market Perform. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/16/19
RBCM
09/16/19
NO CHANGE
Target $148
RBCM
Outperform
Marriott price target raised to $148 from $146 at RBC Capital
RBC Capital analyst Wes Golladay kept his Outperform rating on Marriott and nudged his price target higher to $148 from $146 after talks with its CFO Leeny Oberg. The analyst notes that the discussions highlighted the strength of the company's Bonvoy loyalty program as well as its "elevated" unit growth and positive RevPAR trends, saying international tourism is particularly strong in U.K. and Japan markets. Golladay also points to the company's positioning in the Asia Pacific, where hotel owners continue to have "high interest" for developing Marriott-branded hotels.
09/19/19
GSCO
09/19/19
DOWNGRADE
Target $37
GSCO
Neutral
Hilton Grand Vacations downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Stephen Grambling downgraded Hilton Grand Vacations (HGV) to Neutral from Buy while raising his price target for the shares to $37 from $35. While leveraged buyout internal rate of returns could be attractive to $40 per share or higher, other names in the Lodging space offer better risk-adjusted returns, Grambling tells investors in a research note. The analyst's estimates remain below management's long-term earnings target and consensus in fiscal 2021 as he anticipates a slower sell-through of owned inventory. The delayed sell-through is likely to also postpone any free cash flow inflection and raise Hilton Grand Vacations' earnings risk in the near term in the event of any macro deterioration, contends Grambling. The analyst this morning also upgraded Hyatt Hotels (H) to Buy from Neutral and reiterated Buy ratings on Marriott (MAR), Hilton (HLT) and Wyndham Hotels & Resorts (WH). Marriott is on his firm's Conviction List.
10/16/19
BMOC
10/16/19
INITIATION
Target $128
BMOC
Market Perform
Marriott initiated with a Market Perform at BMO Capital
BMO Capital analyst Ari Klein initiated coverage of Marriott with a Market Perform rating and $128 price target. The analyst says the company's scale with over 1.3M rooms in its global portfolio is impressive and its "asset-light approach" yields a high margin and drives strong free cash flows. However, Klein is concerned with the elevated macro headwinds that are likely to pressure Marriott's RevPAR and also weigh on its incentive fees, which he sees as more susceptible to industry cyclicality while representing about 17% of the company's gross fee revenues.

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