Jefferies & Co. reported on Monday that they are initiating coverage of hospitality company, Marriott International, Inc.(MAR).
The firm reported that they will be covering MAR, and have started the company with a “Hold” rating with a price target of $34. This price target suggests a slight decline from the stock’s current price of $34.43.
An analyst from the firm commented, “Marriott’s domestic prowess is attractive, as is its asset-light model. We forecast recurring double-digit earnings growth, despite limited exposure to faster-growing Emerging Markets. However, we think Marriott is fairly valued for what is a more defensive, US-centric operator. Hence, we initiate with a Hold recommendation.”
Marriott shares were mostly flat during premarket trading Monday.
The Bottom Line
Shares of Marriott International (MAR) have a 1.51% dividend yield, based on Friday’s closing stock price of $34.43. The stock has technical support in the $30-$31 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.
Marriott International, Inc.(MAR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.