Marriott hits 52-week high

January 13, 1993|By Bloomberg Business News

NEW YORK -- Marriott Corp. shares hit a 52-week high yesterday after analyst Robert Renck added the hotel company to his list of recommended stocks.

Marriott stock rose $1.125, to $23.375, on volume of 1.6 million shares. The daily average for the past three months was 263,359 shares.

The stock has soared 36 percent since Oct. 5, when the company, in a move to benefit shareholders, said it would split in two, leaving Marriott International Inc. with its lucrative hotel management business and little debt. The other company, Host Marriott Corp., would own real estate, airport and toll-road concessions and would be saddled with $2.9 billion of debt.

Mr. Renck, whose New York firm R.L. Renck & Co. follows fewer than two dozen companies, said Marriott International stock would trade at $28 to $30 a share this year and will hit $35 in 1994. The stock will surge because the company won't be burdened by debt, Mr. Renck said.

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