Marriott lands Citi upgrade on recovery potential

• Citi turns bullish on Marriott (NASDAQ:MAR) as the very beginning of vaccine distribution gives it confidence in shifting to a longer-term viewpoint.
• "We upgrade MAR to Buy with an overweight position in our model portfolio and a $150 price target, or 21.0x 2022E EBITDA. We believe the industry is on the cusp of a multiyear recovery; MAR can likely return to prior peak earnings sooner relative to owners given not only improving revenue trends but also continued 3-4% annual net unit growth."
• Shares of Marriott are up 1.68% premarket.
• Marriott execs effectively upgraded the company themselves during a confident Morgan Stanley conference presentation a few weeks ago.