Goldman Sachs has increased its target price for Marriott International to $398.00 from its previous target while retaining a Buy recommendation on the hotel company’s shares. At the updated target, Goldman projects about an 8.4% upside from Marriott’s most recent share price of $367.18, with the stock trading close to its 52-week high after a 10.72% rise over the past week. InvestingPro fair-value data included in the company analysis indicates Marriott may still be trading below intrinsic value despite the recent rally.
The firm’s decision to lift the target follows Marriott’s decision to bake a 35% increase in credit-card fees into its 2026 guidance. Goldman Sachs quantifies that adjustment as roughly $200 million above consensus expectations, which had anticipated high single-digit growth for the credit-card fee line.
Goldman emphasizes that the incremental revenue from the fee increase should have strong flow-through to the bottom line. That dynamic is expected to lift Marriott’s free cash flow conversion to about 54% in 2026, up from roughly 48% in 2025, according to the bank’s analysis.
The brokerage also noted a separate renegotiation of Marriott’s credit-card arrangement, which is expected later in the year and is not included in the guidance change. Goldman estimates this potential renegotiation could add around $50 million to $100 million on an annualized basis, providing further upside to consensus estimates, albeit smaller than the recently incorporated fee increase.
Beyond the fee conversation, Goldman called out Marriott’s net rooms guidance of 4.5% to 5.0% for 2026 as a constructive sign, representing an acceleration relative to 2025 trends. The company’s commentary and guidance on RevPAR - revenue per available room - were characterized as being in line with market expectations.
Quarterly results and analyst reactions
Marriott reported fourth-quarter 2025 results that included a small earnings-per-share shortfall but revenue and adjusted profit metrics that beat forecasts. EPS came in at $2.58 versus an expected $2.61. Revenue for the quarter reached $6.69 billion, exceeding the anticipated $6.67 billion.
On an EBITDA basis, the company posted $1,402 million for the quarter. That figure topped BofA Securities’ estimate of $1,381 million and the Street consensus of $1,390 million, and it even exceeded the top end of Marriott’s own guidance range of $1,371 million to $1,401 million.
Following the earnings release, a number of brokerages adjusted their price targets higher. BMO Capital increased its target to $400, citing a robust 2026 outlook driven by stronger-than-expected net unit growth and the higher credit-card fees. Barclays raised its target to $356, linking the change to a surprise increase in the royalty rate tied to Marriott’s co-branded credit-card program. BofA Securities moved its target to $395 while maintaining a Buy rating, and Stifel raised its target to $333 while keeping a Hold rating. Collectively, these moves reflect a generally positive analyst tone around near-term fundamentals.
Context on market signals
The share-price reaction - including the 10.72% gain over the past week and trading near the 52-week high - suggests investors are assigning material value to the upgraded fee assumptions and the prospect of improved cash conversion. InvestingPro fair-value estimates referenced by analysts suggest there may still be room for multiple-positive drivers to be reflected in the share price.
Promotional note on data tools
One market research tool referenced in recent coverage evaluates publicly traded companies using a broad set of metrics and machine-driven screening to identify opportunities. That tool has highlighted stocks in the past that delivered materially positive returns, including Super Micro Computer and AppLovin, which were cited with respective past gains of +185% and +157% as examples of prior winners identified by the system.
Bottom line
Analysts are revising estimates higher for Marriott on the back of a materially larger credit-card-fee assumption built into 2026 guidance, improved free cash flow conversion expectations, and better-than-forecast revenue and EBITDA in the fourth quarter of 2025. Several brokerages have adjusted price targets upward, underscoring a broadly constructive view of near-term performance while noting incremental upside from an upcoming credit-card renegotiation that remains outside current guidance.