Morgan Stanley out with a long note on business travel this morning, not surprisingly with the title, "Business Travel Fundamentals Worsening." A summary:
1) room rate renegotiations, which first surfaced with financial business travelers, is now spreading to other sectors;
2) group cancellation rates are increasing.
3) rising airfares, already impacting leisure travel, will impact corporate travel this year.
They cut their ratings on Marriott
Marriott International Inc
MAR
34.14 UNCH 0%
NYSE
Quote | Chart | News | Profile
[MAR 34.14 --- UNCH (0%) ] , and reduce the price target to $40 from $47. Marriott closed at $34.14. They go further: "...we do not recommend putting new money into lodging with the exception of stocks with unique catalysts."
Source: Reported by The $t0ckman http://st0ckman.blogspot.com/
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
