Morgan Stanley lowered the firm’s price target on Marriott Vacations (VAC) to $50 from $52 and keeps an Underweight rating on the shares. The firm is more constructive on the RevPAR backdrop for FY26, but is still avoiding chasing high operating leverage, high financial cyclicals, preferring those names in lodging with a combination of longer-term visibility and cyclical upside, the analyst tells investors in a note on the group.
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