Hilton Grand Vacations looks attractive at current levels, says JPMorgan
JPMorgan analyst Brandt Montour found Hilton Grand Vacations management upbeat in recent meetings, which give him confidence that the company's fundamentals "have not changed much, if at all," despite the recent pullback in the shares. The stock looks attractive at current levels, Montour tells investors in a research note. He believes the market underappreciates the "relative resiliency" of timeshare sales growth, the "imbedded value" of Hilton Grand's owner base, and its "outsized expansion opportunity versus peers." The analyst thinks the Q2 earnings report should ease concerns on the Hawaii/volcano impact and keeps an Overweight rating on the shares. He lowered his price target for Hilton Grand Vacations to $45 from $49.