Marriott International Inc TO DAMAGE reported better-than-expected Q1 results and raised FY23 outlook.

Marriott reported Q1 FY23 revenue grew 34% year over year to $5.62 billion, beating the consensus of $5.41 billion. Adjusted earnings per share of $2.09 beat analyst consensus of $1.84.

Marriott raised its FY23 adjusted EPS guidance to $7.97-$8.42 from $7.23-$7.91 versus the consensus of $7.74. It now expects FY23 gross fee income of between $4.6 billion and $4.75 billion.

Marriott’s shares gained 5% on Tuesday to close at $178.61, up 0.5% in today’s premarket trading.

These analysts changed their price targets for Marriott following the earnings announcement.

• Barclays lifted Marriott’s price target to $188 from $176. Barclays analyst Brandt Montour maintained an equal weight rating.
• Baird raised Marriott’s price target to $198 from $187. Baird analyst Michael Bellisario maintained his neutral rating
• Amber Analyst Richard Clarke, meanwhile, upgraded Marriott to Outperform from Market Perform with a price target of $204.

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