Wells Fargo has maintained its Equal-Weight rating on Marriott International, Inc. (NASDAQ:MAR) and raised the price target to $261 from $238.
Marriott and MGM Resorts International plan to convert a Las Vegas Strip property into the W Las Vegas, enhancing Marriott’s luxury offerings.
The “Connect Responsibly with Marriott Bonvoy Events” program has been launched to incorporate sustainability into events, showcasing Marriott’s commitment to responsible practices.
On October 22, 2024, Wells Fargo maintained its rating for Marriott International, Inc. (NASDAQ:MAR) at Equal-Weight, advising investors to hold their positions. At the time, Marriott’s stock price was $264.97. Wells Fargo also raised Marriott’s price target to $261 from $238, as highlighted by TheFly. This suggests a cautious optimism about Marriott’s future performance.
Marriott International is a leading global hospitality company with a diverse portfolio of brands. Recently, Marriott and MGM Resorts International announced plans to convert a property on the Las Vegas Strip into the W Las Vegas, part of the W Hotels brand. This move is part of a strategic licensing agreement between the two companies, initially announced in July 2023. The conversion is expected to be completed later this year, enhancing Marriott’s luxury offerings.
The collaboration with MGM Resorts is a testament to Marriott’s strong brand portfolio and distribution channels, as noted by Steve Zanella, President of MGM Resorts Operations. The new W Las Vegas aims to provide a luxury lifestyle experience recognized globally, aligning with Marriott’s strategy to expand its high-end offerings and attract affluent travelers.
In addition to its expansion efforts, Marriott has launched the “Connect Responsibly with Marriott Bonvoy Events” program. This initiative helps meeting planners incorporate sustainability into their events at participating Marriott Bonvoy hotels. The program offers Meeting Impact Reports and options to purchase carbon credits, promoting responsible practices and enhancing in-person connections.
Marriott’s stock has seen a slight decrease of 0.24%, with a change of $0.63, trading between $263.26 and $266.44 today. Over the past year, the stock has fluctuated between a high of $266.58 and a low of $180.75. With a market capitalization of approximately $74.60 billion and a trading volume of 843,755 shares, Marriott remains a significant player in the hospitality industry.
