Marriott Boosted by Broker Action
BETHESDA, Md. (
) --
Marriott International
(MAR) - Get Report
shares were the subject of favorable broker action Wednesday morning.
Analysts from Argus Research raised their price target on Marriott shares by $3 to $46, maintaining a buy rating on the stock.
Marriott shares moved 1.6% higher in early trading to $39.85.
In October, Jefferies analysts initiated coverage of the hotelier with an equal weight rating and $38 price target. In July, Barclays Capital reiterated an equal weight rating on the stock, raising its price target by $1 to $49. On the same day, Hudson Securities reiterated a buy rating on Marriott and raised its price target by $1 to $40.
Deutsche Bank analysts were not as bullish, reiterating a hold rating and hiking its price target on Marriott by $1 to $30.
Marriott swung to a third-quarter profit in October, boosted by stronger corporate and leisure travel demand, and posted results that were in line with analysts' expectations.
Hotel industry peer InterContinental Hotels posted disappointing third-quarter earnings as costs related to its long-term incentive plan came in higher than expected.
>>InterContinental Slides Despite Growth
FBR Capital analysts reiterated an outperform rating on InterContinental in August, raising their price target on the stock by $2 to $22.
InterContinental shares moved 0.8% higher Wednesday morning.
Hyatt Hotels
(H) - Get Report
,
Starwood Hotels & Resorts Worldwide
(HOT)
and
Wyndham Worldwide
(WYN)
recently posted better-than-expected quarterly results.
Hyatt said improved demand, and higher levels of corporate and group business helped drive its improved performance at convention and business hotels in particular. It grew revPAR, or revenue per available room -- a closely watched metric in the hotel industry -- by 6.9% year-over-year.
Hyatt shares were upgraded in August to market perform, from underperform, by analysts at FBR. The firm also raised its price target on the stock by $6 to $44.
Starwood's worldwide revPAR increased 10% year-over-year in the third quarter. Systemwide revPAR for same-store hotels, or hotels open at least one year, grew 9.1%.
>>Starwood Beats, Guides Higher
Starwood shares were downgraded in October to underperform, from neutral, by analysts at Robert W. Baird. Still, the firm upped its price target by $1 to $45. Earlier that month Jefferies initiated coverage of Starwood with a buy rating and $64 price target.
Wyndham grew revPAR by 6.7% in the quarter, and said its improved quarterly report was buoyed by a recovering economy and tighter cost controls. That led the company to raise its outlook for 2010.
Wyndham shares have an outperform rating from analysts at FBR who, in October, raised their price target by $2 to $37.
Ahead of midday Wednesday, shares of Hyatt moved 1.8% higher, Starwood 2% and Wyndham 2.9%.
-- Written by Miriam Marcus Reimer in New York.
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