Outperforming Hotel Stock to Buy on the Dip

Marriott International Inc (NASDAQ:MAR) stock is down 0.3% at $194.17, after receiving a price-target cut from UBS to $210 to $212. The equity reached an Aug. 10, record high of $210.98, and despite its subsequent pullback, still sports a 30.6% lead for 2023, with support stemming from the $190 level. This might be the perfect opportunity to buy on the dip, too, as MAR is among the best S&P 500 (SPX) stocks to own in October.

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, Marriot International stock averaged a gain of 5.1% for the month in the last decade, finishing the month higher all but once. The equity is also the only travel and leisure name on the list, and among the top five outperformers.

An unwinding of pessimism in the options pits could create tailwinds. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 10-day put/call volume ratio of 3.48, which ranks higher than 86% of readings from the past 12 months.