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MAR

Marriott

$130.21

2.06 (1.61%)

16:37
11/04/19
11/04
16:37
11/04/19
16:37

Marriott sees 2019 adjusted EPS $5.87-$5.90, consensus $6.02

Marriott expects 2019 comparable systemwide RevPAR on a constant dollar basis will increase roughly 1% in North America, roughly 2% outside North America, and roughly 1% worldwide. Marriott anticipates global net room additions of 5.0%-5.25% for full year 2019. It added, "The company expects full year 2019 gross fee revenues will total $3,809 million to $3,819 million, a 5 percent increase over 2018 gross fee revenues of $3,638 million, including $20 million of unfavorable foreign exchange. Full year 2019 estimated gross fee revenues include $400 million to $410 million of credit card branding fees, compared to $380 million for full year 2018. Marriott anticipates full year 2019 owned, leased, and other revenue, net of direct expenses, could total $289 million. This estimate reflects approximately $35 million of lower termination fees year-over-year. This outlook for full year 2019 reflects the sale of the St. Regis New York in the fourth quarter, but does not reflect any additional asset sales that may occur during the remainder of the year. The company expects full year 2019 general, administrative, and other expenses could total $921 million to $926 million, flat to down 1 percent from full year 2018 expenses of $927 million. Full year 2018 general, administrative, and other expenses included a $51 million expense for the company's supplemental investments in its workforce. The company anticipates full year 2019 diluted EPS could total $5.87 to $5.90, a 5 percent decline compared to 2018 adjusted diluted EPS of $6.21. Full year 2019 guidance includes the $9 million pre-tax ($0.02 per share) asset sale gain in gains and other income, net, recognized in the 2019 third quarter, but does not include any gain on the sale of the St. Regis New York. Full year adjusted 2018 results include $183 million pre-tax ($0.44 per share) of asset sale gains in gains and other income, net and $65 million pre-tax ($0.21 per share) of asset sale gains in equity in earnings. "

  • 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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