B of A Securities Increases Target Price on Marriott
Skift Take
- DJIA and Nasdaq dropped significantly, 10-year yield surged, and lodging stocks declined.
- U.S. hotel industry saw lower occupancy but improved year-over-year comparisons.
- Peachtree Group announced multiple hotel acquisitions and new development projects, while other hotels are under renovation and expansion.
The DJIA fell 370 points on the second day of the Fed reaction. Nasdaq was down another 245, the S&P 500 was down 72 points and the best sign of displeasure was in the 10-year yield, jumping .13 to 4.48%. Lodging stocks were lower. SOND’s reverse split is already having the expected effect, down another -10% nearly to another all-time low.
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B of A Securities upped their target price on Marriott to $225 from $215. They maintained their Buy rating.
Following seasonal patterns, the U.S. hotel industry reported lower performance results from the previous month but improved comparisons year over year, according to August 2023 hotel performance data from CoStar.
