Goldman Sachs Turns Bullish On Wyndham, Raises PT

Goldman Sachs Turns Bullish On Wyndham, Raises PT

Goldman Sachs upgraded Wyndham Destinations to Buy from Hold and raised the price target to $36 (12.1% upside potential) from $29. Shares of the company closed 2.1% higher on Tuesday.

Goldman Sachs analyst Stephen Grambling upgraded Wyndham Destinations (WYND) on hopes for a recovery in consumer demand. Grambling believes that a “rapid recovery” in demand for vacation ownership along with the improved financial market situation and limited cash burn would drive Wyndham’s consensus estimate for fiscal years 2021 and 2022.

Lockdown measures and global travel restrictions to contain the COVID-19 spread have been severely hurting businesses engaged in hospitality services. On July 30, the vacation resort operator reported that its 2Q revenues plunged 67% to $343 million year-over-year and missed analysts’ expectations of $346.3 million.

The company reported a loss per share of $1.11, compared with the year-ago quarter’s earnings per share of $1.45.  (See WYND stock analysis on TipRanks).

Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 8 Buys. With shares down nearly 38% year-to-date, the average analyst price target of $41.38 now implies upside potential of 28.9% from current levels.

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The post Goldman Sachs Turns Bullish On Wyndham, Raises PT appeared first on TipRanks Financial Blog.

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