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A weakening macro environment could weigh on Marriott International in the months ahead, according to Barclays. Analyst Brandt Montour downgraded shares to equal weight from overweight, citing the lodging stock’s current trading price, which is now in line with Barclays’ target. “In 2022, we justified our OW based on MAR’s higher-end segmentation and the growth 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 these tailwinds heading into 2023, as well as incrementally more price sensitivity at the high end.” Montour upped the bank’s price target on Marriott to $170 from $163, suggesting shares could gain about 7% from Wednesday’s close. The stock’s down nearly 4% this year and shed about 2% before the bell. Although Marriott has a solid management team and strong loyalty program, Barclays views shares as fairly valued given the heightened macro risks. Montour upgraded shares of Wyndham Hotels in the same note, calling the stock a favored lodging pick as consumers trade down. He upped the firm’s target price on shares to $88 from $80, implying that the stock could gain more than 23% from Wednesday’s close after slumping about 20% this year. — CNBC’s Michael Bloom contributed reporting
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