A weakening macro environment could weigh on Marriott International within the months ahead, in accordance with Barclays. Analyst Brandt Montour downgraded shares to equal weight from obese, citing the lodging stock’s current trading price, which is now according to Barclays’ goal. “In 2022, we justified our OW based on MAR’s higher-end segmentation and the expansion tailwinds from a recovery of group and high-end corporate transient,” he wrote in a note to clients Thursday. “That thesis played out well, but we see less of those tailwinds heading into 2023, in addition to incrementally more price sensitivity on the high end.” Montour upped the bank’s price goal on Marriott to $170 from $163, suggesting shares could gain about 7% from Wednesday’s close. The stock’s down nearly 4% this yr and shed about 2% before the bell. Although Marriott has a solid management team and robust loyalty program, Barclays views shares as fairly valued given the heightened macro risks. Montour upgraded shares of Wyndham Hotels in the identical note, calling the stock a well-liked lodging pick as consumers trade down. He upped the firm’s goal price on shares to $88 from $80, implying that the stock could gain greater than 23% from Wednesday’s close after slumping about 20% this yr. — CNBC’s Michael Bloom contributed reporting
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