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MAR

Marriott

$130.21

2.06 (1.61%)

16:35
11/04/19
11/04
16:35
11/04/19
16:35

Marriott sees Q4 comparable systemwide worldwide RevPAR up 1%

The company said, "For the 2019 fourth quarter, Marriott expects comparable systemwide RevPAR on a constant dollar basis will be flat to up 1 percent in North America, increase roughly 1 percent outside North America, and increase roughly 1 percent worldwide. The company assumes fourth quarter 2019 gross fee revenues will total $960 million to $970 million, a 5 to 7 percent increase over fourth quarter 2018 gross fee revenues of $910 million. The company anticipates fourth quarter 2019 incentive management fees will be roughly flat compared to fourth quarter 2018 incentive management fees of $167 million. Compared to the estimate the company provided on August 5, this gross fee revenues estimate largely reflects more modest RevPAR growth and margins, including the impact of the recent events in Hong Kong, and unfavorable foreign exchange. The company expects fourth quarter 2019 general, administrative, and other expenses could total $250 million to $255 million. General, administrative, and other expenses in the 2018 fourth quarter included a $7 million expense for the company's supplemental investments in its workforce. Marriott expects fourth quarter 2019 adjusted EBITDA could total $898 million to $913 million, a 4 to 6 percent increase over fourth quarter 2018 adjusted EBITDA of $864 million. This estimate reflects the sale of the St. Regis New York, but not any gain associated with the transaction, nor any additional asset sales that may occur in the fourth quarter of 2019. See page A-12 for the adjusted EBITDA calculation."

  • 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.

TODAY'S FREE FLY STORIES

PLMR

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AUO

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LPL

LG Display

$6.22

0.115 (1.89%)

20:17
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ETNB

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ANIOY

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BPMC

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3.92 (5.26%)

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TLSNY

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ARWR

Arrowhead

$67.25

1.705 (2.60%)

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ARGX

Argenx

$147.31

-2.56 (-1.71%)

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STC

Stewart

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FAF

First American

$63.05

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PFSI

PennyMac Financial

$33.91

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AGIO

Agios Pharmaceuticals

$40.93

0.81 (2.02%)

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BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

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FATE

Fate Therapeutics

$13.64

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RCKT

Rocket Pharmaceuticals

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2.61 (13.21%)

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ARGX

Argenx

$147.31

-2.56 (-1.71%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

18:03
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JNJ

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BLUE

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$79.51

-1.24 (-1.54%)

, JNJ

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BLUE

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JNJ

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AMGN

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BMY

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BGNE

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LLY

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BMY

Bristol-Myers

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QURE

uniQure

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