Marriott International revealed on Sunday that it will suspend donations to U.S. lawmakers who opposed the certification of Joe Biden’s victory in the presidential election, according to Reuters.
Marriott’s (MAR) President and CEO, Arne Sorenson, released a statement last week following the violent protests on Capitol Hill that resulted in five people, including a police officer, losing their lives. “It was a stunning, outrageous, and unprecedented attack against this nation and an attempt to disenfranchise millions of Americans,” he said.
Sorenson acknowledged that Marriott serves guests with a wide range of opinions and perspectives but stressed that Americans should be using their voices and their votes to express their opinions.
“What we can’t do is trample the Constitution; we can’t use violence and terror to force an agenda. It’s not who we are – and I would offer, it’s not what the vast majority of Americans want,” added Sorenson.
Marriott joins a growing number of companies who are revising their donation policies because of last week’s violence.
J.P Morgan Chase said on Sunday that it will suspend all political donations for at least six months, while Citigroup will put a halt to its contributions during the first quarter, Reuters reported.
Blue Cross Blue Shield Association President and CEO Kim Keck said in a statement, “In light of this week’s violent, shocking assault on the United States Capitol…BCSBA will suspend contributions to those lawmakers who voted to undermine our democracy.”
Marriott’s President ended his statement by calling on all Americans to defend their democracy by embracing its ideals. “I have every confidence that we will move beyond this moment and restore our sense of community and shared values,” he concluded. (See MAR stock analysis on TipRanks)
Gordon Haskett analyst Robert Mollins reiterated his Hold rating on MAR last week and raised his price target from $108 to $125 (4% downside potential).
Mollins sees the Wyndham and Choice Hotels groups as best positioned of the C-Corp hotels to “weather a prolonged COVID backdrop and slower-than-expected vaccine rollout.”
Consensus among analysts on the Street is a Moderate Buy based on 6 Buys and 8 Holds. The average price target of $122.82 suggests downside potential of around 5% over the next 12 months.
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