UPDATE: Goldman Sachs Upgrades Wyndham Worldwide to Buy
Goldman Sachs raises its rating on Wyndham Worldwide (NYSE: WYN) to Buy from Netural on more upside and growth to core operating fundamentals than forecasted. Price target goes from $45.50 to $55.
Goldman Sachs says, "Evidence of these opportunities should become more apparent over the next few quarters both on the top line and bottom line. The surge in share price of 50% over the past 12 months (vs. 7.3% for the S&P 500) was driven primarily by better investor understanding of the cash flow and share buyback story, in our view. But now as we look out into the balance of 2012 and 2013 we believe there is another leg to the story and would urge investors to try to capture it."
WYN closed at $45.12 a share on Thursday.
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