01:20 PM EDT, 03/20/2024 (MT Newswires) -- Hilton Worldwide Holdings ( HLT ) will remain resilient in a recession as franchised hotels drive 80% of fees, Macquarie Equity Research said in a note.

"We believe investors will continue to view positively the consistent fee growth, [6% to 7% net unit growth] outlook and capital returns story," Macquarie said.

The firm said Hilton's "impressive" capital returns profile is powered by its fee-based asset-light growth drivers.

The company's shares have risen 14% year to date, but the investment firm expects slight underperformance.

Macquarie maintained its neutral rating and $192 price target for Hilton.

Price: 209.65, Change: +1.53, Percent Change: +0.74