UPDATE: Cantor Fitzgerald Initiates Buy, $56 PT on Wyndham Worldwide Corporation

Cantor Fitzgerald initiates its coverage on Wyndham Worldwide Corporation

with a Buy rating and a price target of $65 to reflect the company's strong cash flow. Cantor Fitzgerald notes, "Wyndham's diversified hospitality businesses generate significant free cash flow that the company has deployed to acquire new businesses, pay increasingly higher dividends, and buy back over $2 billion worth of shares since it became a stand-alone company in 2006." WYN closed at $43.99 yesterday