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WH

Wyndham Hotels & Resorts

$59.61

(0.00%)

, WYND

Wyndham Destinations

$47.48

(0.00%)

09:25
06/14/18
06/14
09:25
06/14/18
09:25

Wyndham Hotels & Resorts initiated with a Buy at SunTrust

SunTrust analyst C. Patrick Scholes initiated Wyndham Hotels & Resorts (WH) with a Buy rating and a price target of $71 and also assumed Wyndham Destinations (WYND) with a Buy rating and a price target of $69 following their spinoff from Wyndham Worldwide that was finalized on June 1st. The analyst contends that the former offers a "straightforward" business model, with a growing pipeline and revenues derived primarily from its franchise fees, benefiting from a strong position in Economy and Midscale travel segments. Scholes also expects Wyndham Hotels to post a stronger RevPAR following its acquisition of LaQuinta (LQ). For the latter, the analyst cites favorable leisure travel tailwinds, a 10% free cash flow yield, and an attractive valuation, along with few signs of investor apprehension within the timeshare securitization market.

WH

Wyndham Hotels & Resorts

$59.61

(0.00%)

WYND

Wyndham Destinations

$47.48

(0.00%)

LQ

La Quinta

$0.00

(0.00%)

  • 19

    Jun

WH Wyndham Hotels & Resorts
$59.61

(0.00%)

06/10/18
GSCO
06/10/18
DOWNGRADE
Target $20
GSCO
Sell
Goldman downgrades Host, Park to Sell on unfavorable risk/rewards
Following his firm's Lodging, Gaming, Restaurants & Leisure conference, Goldman Sachs analyst Stephen Grambling downgrades both Host Hotels & Resorts (HST) and Park Hotels & Resorts (PK) to Sell from Neutral. The recent multiple expansion in the stocks, related primarily to industry consolidation, leaves unfavorable risk/reward profiles, Grambling tells investors in a research note. The analyst does not see either company's RevPAR or EBITDA growth accelerating back to mid-cycle levels given near-peak occupancy, ongoing urban supply growth, and wage inflation. His $20 price target on Host represents 6% total return downside over the next 12 months while his $29 price target on Park represents 1% total downside. Grambling also reiterates Buy ratings on Marriott (MAR), Hilton (HLT) and Wyndham Hotels & Resorts (WH), where he sees total return potential of 20%, 20% and 32%, respectively.
06/10/18
GSCO
06/10/18
DOWNGRADE
GSCO
Sell
Park Hotels downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Stephen Grambling downgraded Park Hotels & Resorts (PK) to Sell citing an unfavorable risk/reward following the recent share rally. Grambling also downgraded Host Hotels & Resorts (HST) to Sell from Neutral. He recommends buying Marriott (MAR), Hilton (HLT) and Wyndham Hotels & Resorts (WH) for exposure to the Americas Lodging space.
06/04/18
06/04/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ventas (VTR) initiated with a Neutral at Cantor Fitzgerald. 2. Voyager Therapeutics (VYGR) initiated with a Buy at H.C. Wainwright. 3. Wyndham Hotels & Resorts (WH) initiated with an Outperform at Oppenheimer as well as a Buy at Goldman Sachs and Stifel. 4. Five Below (FIVE) initiated with an Overweight at JPMorgan. 5. Origin Bancorp (OBNK) was initiated with a Strong Buy at Raymond James and an Overweight at Stephens. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/04/18
STFL
06/04/18
NO CHANGE
Target $60
STFL
Buy
Wyndham Destinations valuation discount not justified, says Stifel
Stifel analyst Simon Yarmak reiterated his Buy rating on Wyndham Destinations (WYND) with a revised price target of $60 following the completion of the spinoff of Wyndham Hotels & Resorts (WH). Yarmak notes that Wyndham Destinations trades at a valuation below its peers, but he does not see the discount as justified by the fundamentals and thinks its shares should outperform going forward.
WYND Wyndham Destinations
$47.48

(0.00%)

06/14/18
RHCO
06/14/18
INITIATION
Target $69
RHCO
Buy
Wyndham Destinations initiated with a Buy at SunTrust
SunTrust initiated Wyndham Destinations with a Buy and $69 price target.
06/06/18
JPMS
06/06/18
DOWNGRADE
Target $52
JPMS
Neutral
Wyndham Destinations reinstated with a Neutral from Overweight at JPMorgan
JPMorgan analyst Joseph Greff reinstated coverage of Wyndham Destinations with a Neutral rating and $52 price target. Prior to restriction, the firm had an Overweight rating on Wyndham Worldwide. The analyst finds Wyndham's cash flow generating ability attractive, but feels the current valuation is fair relative to historical trading levels.
06/04/18
OPCO
06/04/18
NO CHANGE
Target $66
OPCO
Outperform
Wyndham Destinations price target lowered to $66 from $135 at Oppenheimer
Oppenheimer analyst Ian Zaffino lowered his price target for Wyndham Destinations (WYND) to $66 from $135 to reflect standalone value after the spinoff of the Hotel group (WH) and with the former becoming a pure-play vacation ownership, exchange and rental company. The analyst reiterates an Outperform rating on the shares.
LQ La Quinta
$0.00

(0.00%)

05/31/18
05/31/18
UPGRADE
Target $23

Overweight
Extended Stay America upgraded on strategic action potential at Morgan Stanley
As previously reported, Morgan Stanley analyst Thomas Allen upgraded Extended Stay America (STAY) to Overweight from Equal Weight, noting that company management highlighted at a recent conference that it could follow a similar path to La Quinta (LQ), which recently announced plans to shift from an asset-heavy, single-brand Lodging company to a REIT. Assuming hypothetically that Extended Stay followed a similar course, Allen sees a $24 value, he tells investors. Allen increased his price target on Extended Stay shares to $23 from $21.
04/02/18
OPCO
04/02/18
INITIATION
Target $135
OPCO
Outperform
Wyndham initiated with an Outperform at Oppenheimer
Oppenheimer analyst Ian Zaffino started Wyndham Worldwide (WYN) with an Outperform rating and $135 price target, calling the company the leader in the economy/upper-economy hotel space and saying he believes the planned acquisition of La Quinta (LQ) will also make it the leader in the premier midscale segment.
03/02/18
SPIN
03/02/18
DOWNGRADE
SPIN
Hold
La Quinta downgraded to Hold from Buy at Spin-Off Research
02/13/18
MSCO
02/13/18
NO CHANGE
Target $23
MSCO
Overweight
La Quinta deal to join Wyndham system underappreciated, says Morgan Stanley
Morgan Stanley analyst Thomas Allen makes the case in a new note to investors that the market is missing the benefits La Quinta (LQ) gains from joining Wyndham's (WYN) system. For example, he estimates La Quinta hotels will be able to drop to below a 20% OTA mix and lower their average commission rate to about 15% given this will be the first time they will be part of a larger brand network. Noting that La Quinta shareholders will still own the hotels via the spin out into the Corepoint REIT, Allen raised his price target on the stock to $23 from $21 and keeps an Overweight rating on La Quinta shares.

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