Hotel Stocks Fall as Barclays Cuts Marriott (MAR), Starwood (HOT), Choice Hotels (CHH) to Underweight
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Numerous Hotel stocks are indicated lower this morning following three downgrades at Barclays earlier. The firm moved its investment ratings on shares of Marriott (NYSE: MAR), Starwood Hotels (NYSE: HOT) and Choice Hotels (NYSE: CHH) from Equalweight to the unfriendly Underweight.
Barclays lifted its price target on shares of Choice from $22 to $25 and its target on Starwood from $15 to $17 while lowering its target on Marriott from $15 to $14. In the pre-market session, each of the stocks are catching both bids and asks below their closing prices yesterday.
The downgrades to the equivalent of Sell follow sector calls yesterday from an analyst at Wachovia. The analyst upgraded Choice Hotels to Outperform, while at the same time downgrading Starwood to Market Perform.
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