UPDATE: Deutsche Bank Downgrades Wyndham Worldwide to Hold on Valuation

Deutsche Bank reduced its rating on Wyndham Worldwide

from Buy to Hold while raising its price target from $55 to $57. Deutsche Bank noted, "Despite a solid quarter which left the bull case thesis on the stock largely unchanged, we are downgrading shares of WYN to Hold from Buy. Our downgrade is solely predicated on our view that: 1) shares have had an elongated run and we see current valuation into staunch growth expectations as being fair, 2) the potential for moderating free cash flow exists, 3) margins appear to be harnessed, and 4) the risk reward has become more balanced." Wyndham Worldwide closed at $53.30 on Wednesday.