UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Wyndham Worldwide Corporation Following Solid 3Q13 Results

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $62.00 to $67.00. In the report, Deutsche Bank noted, “WYN continued its well-established string of ‘beat and raise' quarters with 3Q13 results, driven largely by share repurchase and undemanding guidance/sell-side forecasts. WYN once again offered forward guidance that we believe was viewed as “good enough,” particularly since it does not assume any share repurchase (even though WYN has averaged $183 mm over the past 10 quarters). Big picture, we think the ongoing solid FCF generation & subsequent reduction in float provide support for shares, but don't necessarily augur for higher multiples. Our PT goes to $67 from $62 as we migrate from a 2014E to 2015E based methodology.” Wyndham Worldwide Corporation closed on Wednesday at $65.27.