Marriott Vacations price target raised to $74 from $65 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Marriott Vacations (VAC) to $74 from $65 and keeps an Underweight rating on the shares. Despite still sluggish RevPAR trends, lodging companies outperformed the S&P 500 over the past 90 days, with timeshare the best performing sub-sector, the analyst tells investors in a research note. Stocks appear to be sending mixed signals, with premium valuations potentially calling for re-accelerating trends, yet higher operating leverage REITs still lagging, the firm says.