Marriott: Jefferies downgrades stock

(CercleFinance.com) - Jefferies has downgraded its Marriott International shares to "hold" (from "buy"), having reduced its corresponding target price to 166 dollars (from 180 dollars), in a report on US hotels.


"It should be clear that with most aspects of the recovery played out and the recession looming, upside to earnings and valuation of the flagship stocks is limited," the broker said, expressing caution on the sector.

While it is downgrading its positions in Marriott and Hilton, Jefferies believes that they remain amongst the best-quality groups in its coverage, and can remain core holdings despite limited near-term upside potential.


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