Why Marriott International's Shares Popped 13.7% on Wednesday
Shares of hotel chain Marriott International, Inc. (NASDAQ: MAR) jumped as much as 13.7% in trading Wednesday after getting an analyst upgrade and seeing the market move to a more optimistic tune on the economy in 2020. Shares were volatile in trading, but at 2:45 p.m. EDT were still up 8.8% on the day.
Yesterday, Wells Fargo analyst Dori Kesten upgraded Marriott's shares to overweight and put an $85 price target on the stock. Ironically, shares nearly hit that target today, but the improved rating is what the market often reacts to.
The market has also been more optimistic today, with the S&P 500 up 3.1%. As one of the stocks hit hardest by the COVID-19 pandemic, it's no surprise Marriott is leading the recovery.
Source Fool.com
