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UPDATE: Goldman Sachs Upgrades Marriott Vacations Worldwide; Raises PT

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According to a research report published this morning, Goldman Sachs has upgraded Marriott Vacations Worldwide (NYSE: VAC) from Neutral to Buy, and raised PT from $29.50 to $38.

In the report, Goldman Sachs said, "We have become more confident in VAC's story and view it as a solid cash flow producer with an inexpensive valuation. Assuming no capital allocation or acquisitions we believe the company could accumulate $700mn of cash by 2016 or even more including land sales. We think the shares are primed for outperformance as it is currently trading at 5.9X 2013 EV/EBITDA, (excluding value for land/excess inventory), has a free cash flow yield of 12%, and a fundamental story of EBITDA and margin growth."

Marriott Vacations Worldwide is currently trading at $30.90.

Latest Ratings for vac

DateFirmActionFromTo
Jul 2014MKM PartnersMaintainsBuy
Jul 2014JMP SecuritiesMaintainsMarket Outperform
Jan 2014JMP SecuritiesInitiates Coverage onMarket PerformMarket Outperform

View More Analyst Ratings for vac
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Upgrades Price Target Analyst Ratings

 

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