Marriott Vacations price target lowered to $60 from $115 at Citizens JMP

Citizens JMP analyst Aaron Hecht lowered the firm’s price target on Marriott Vacations (VAC) to $60 from $115 and keeps an Outperform rating on the shares following the Q3 results. Citizens says it was “particularly disappointed” with the miss on tours, with management attributing the underperformance to several factors, including sales force attrition and issues with commercialized renters, while highlighting weakness in the key markets of Orlando and Maui, the analyst tells investors in a research note. Marriott Vacations is a premier brand in the vacation ownership space and management should turn the ship around, but it will probably take some time, the firm says.