Goldman Sachs Comments on Marriott International

Goldman Sachs has published a research report on Marriott International MAR. In the report, Goldman Sachs noted that results for the quarter and guidance were weaker than expected. According to Goldman Sachs, "Revenue (excluding reimbursed costs) was lower than our estimates with the majority of the shortfall coming from lower than expected incentive fees as well as lower owned, leased other revenue. Operating profit margins were also worse with the shortfall in the timeshare segment which was partially offset by lower owned, leased and other costs as well as slower-than-expected SG&A growth." Goldman Sachs also noted that Marriott should not be used as an industry bellwether. Goldman Sachs rated Marriott a Neutral. Marriott closed yesterday at $37.14.