New York, October 30 (FinanceEnquiry.com) – Analyst Carlo Santarelli at Deutsche Bank Securities downgrades rating on the shares of Wyndham Worldwide Corporation (NYSE: WYN) from BUY to HOLD. The 12-month target price has been raised from $55 to $57.
In a research note published on October 25, the analyst mentions that shares of Wyndham Worldwide Corporation have been downgraded in the face of a solid quarter that left the bull case thesis on the stock mostly unchanged. Furthermore, even though the risk of either taking place is supposed to have been reduced due to the current expectations, guidance or valuation, both scenarios may perhaps possibly play out here over the next 6 to 12 months of time and with any valuation call, the jeopardy of upside to numbers or multiple expansion stays.
It means that it is considered more probable that Wyndham Worldwide Corporation is a relative outperformer in a situation wherein the segment of lodging confronts RevPAR headwinds in the approaching year and as a consequence, with strong enlargement in its non-lodging segments and significant returns of capital to shareholders, Wyndham Worldwide turns out to be a defensive play. In addition to this, in spite of RevPAR trends slowing down of late and top occupancies on the near term horizon for the industry as a whole, a positive setup for the wider lodging industry is continuously seen at present.
Besides, on higher than formerly predicted out year EBITDA and the introduction of estimates of 2014, target price increased in spite of change in rating. From historical trading multiples, adjusted for outlook of the existing cycle, target multiples for each of the business sections have been derived. On one hand, tougher comparisons as anniversary of acquisitions, already mostly optimistic sentiment of sell-side and influence to the asset-backed securities market have been incorporated in downside risks, while on the other hand, an attractive free cash flow story that may possibly reaccelerate and better than projected upside from acquisitions have been comprised in upside risks. Furthermore, estimated historical P/E analysis for the years 2013 and 2014 are 15.2 x and 0.0 x, respectively, while for 2012, actual P/E analysis is15.5 x, the analyst adds further.
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