Bernstein raises Marriott's PT on capex reimbursements

Marriott International

17/04/2026 14:22

** Bernstein raises Marriott International's MAR.O price target to $400 from $393; maintains "outperform" rating

** New PT represents 10.4% upside on stock's last close

** Brokerage says MAR's 2026 gross capex of $1.05 bln can be considered "recyclable": refurbished hotels that will be sold, loans that will be repaid or software investments reimbursed by hotel owners

** Says it estimates 35% to 40%, i.e. ~$390 mln midpoint of gross capex spending on co's tech transformation project and corporate systems, overwhelming portion of which is expected to be reimbursed over time

** Brokerage adds that this means more cash, leading to less debt and more buybacks

** As of last close, shares up 16.8% YTD

 (Reporting by Parth Chandna)

 ((Parth.Chandna@thomsonreuters.com;))