Truist reiterated a Buy rating and $142 price target on Marriott Vacations (VAC), saying the firm received several questions from investors regarding why the shares are underperforming the lodging-leisure group. The firm believes underperformance is due to comments on Marriott’s (MAR) earnings call regarding 2025 fees expected to be received from Vacations. To this, Truist reminded investors that fees received from Marriott Vacations should normally be approximately flat year-over-year every year as the lion’s share of the royalty fee to Marriott is fixed in nature and the variable component is much smaller.
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