Jefferies Initiates Wyndham Worldwide Coverage: Buy, $49 PT

Jefferies initiated coverage on Wyndham Worldwide (NYSE: WYN) with a Buy rating and $49 price target in a research report published today.

In the report, Jefferies states, "We believe WYN is a significantly undervalued stock in a market environment where valuation bears little relevance. However, we believe these conditions should change over time, with WYN being a primary beneficiary. We expect the market view of timeshare to become more positive and the top line stable growth, cash generation and equity accretion should result in a more appropriately valued share price."

Shares of Wyndham Worldwide closed at $33.26 today, down 0.56% from Monday's market close.