CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We raise our 12-month target by $13 to $383, based on a 20x 2026 EV/EBITDA multiple (up from 19x), a premium to its 17x three-year average forward multiple. We raise our 2026 EPS estimate to $11.83 from $11.55 and 2027's to $12.98 from $12.69. In Q1 results, domestic RevPAR growth of 4% was driven by ADR and occupancy. Encouragingly, the performance broadened out from luxury segments, which had been the primary drivers of domestic RevPAR growth in 2025. Despite Middle East disruptions, MAR raised its 2026 RevPAR outlook to a range of 2%-3% (from 1.5%-2.5%), highlighting the World Cup event and market share gains in China. However, we maintain our Hold opinion. At current levels, shares trade at 12% premium to their three-year average, suggesting RevPAR momentum is already priced in. The World Cup tailwind, while supportive for 2026, creates a tougher comparison for 2027 RevPAR growth. We view guidance as appropriately conservative on potential macro disruptions but see limited upside to our revised estimates.