02:10 PM EDT, 05/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month target of $249 on an EV/EBITDA of 16.6x, below MAR's five-year forward EV/EBITDA of 18.7x, reflecting a deceleration in demand growth. We lift our 2024 EPS to $9.44 from $9.34 and 2025's to $10.75 from $10.73. MAR posted Q1 adj-EPS of $2.13, $0.03 below consensus. Revenue of $5,977M (+6.5% Y/Y) was $30M above consensus. Adj-EBITDA rose +4.0% Y/Y to $1,142M vs. the $1,139M consensus, with the margin at 19.1%. RevPAR comp grew 4.2%, mainly due to higher average daily rates (+2.8% to $154.91) as occupancy remained relatively flat (+0.9%-pts to 65.6%). RevPAR growth was seen across travel segments with group up 6%, leisure up 4%, and business transient up 1%. As a result, MAR raised its 2024 guidance for EPS and EBITDA (midpoints at $9.50 and $5.0B, respectively). Notable highlights include MAR's plans for a new midscale brand, tech initiatives, and asset recycling. However, we remain at Hold, as net rooms growth of 4.7% (30% conversions) still trails some of its biggest competitors.