Marriott International Inc Class A

MAR: XNAS (USA)

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Marriott Earnings: Robust Travel Demand, but Elevated Expectations Send Still-Rich Shares Lower

Dan Wasiolek

Feb 11, 2025

Marriott shares dropped about 5% during Feb. 11 intraday trading despite healthy fourth-quarter results and a constructive demand outlook for 2025. We attribute the reaction to high expectations, after a more than 40% increase in the shares since early August. We plan to increase our $253 fair value estimate by a low-single-digit percentage to account for the quarter’s stronger results, but trading at 18 times forward enterprise value/EBITDA, the shares look overvalued to us.

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Marriott International Inc Class A

Marriott Earnings: Robust Travel Demand, but Elevated Expectations Send Still-Rich Shares Lower

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