UPDATE: Deutsche Bank Raises PT on Wyndham Worldwide to $41 (WYN)

Deutsche Bank is out with its report today on Wyndham Worldwide

, raising its PT from $38 to $41. In a note to clients, Deutsche Bank writes, "We believe momentum in WYN will continue. Shares are +13.5% YTD vs. -5.1% for lodging's "Big 3" and +7.8% for the S&P 500. As a competitor's timeshare nears, investors continue to re-engage on the overall WYN story in terms of value creation & return of capital. Despite large YTD outperformance, WYN still trades at just 6.5x '12E EV/EBITDA (comps 11-13x); we see plenty of room for further expansion, assuming that WYN continues to execute on the FCF story and remains aggressive on share repurchase, which we believe it will. Buy. We are increasing our PT to $41 from $38." At the time of posting, shares of WYN were trading at $34.26, up 0.76% from Wednesday's close.