Instinet (Nomura) Starts Hilton Grand Vacations (HGV) at Buy

Instinet (Nomura) initiates coverage on Hilton Grand Vacations (NYSE: HGV) with a Buy rating and a price target of $32.00 following Hilton spin-off.

Analyst Harry Curtis commented, "We are launching coverage of Hilton Grand Vacations (HGV) with a Buy rating and 12-month target price of $32, or 24% upside potential. Consistent with the valuation methodology we use across the entire lodging space, our target is based on 2H17/1H18E EBITDA, and we assume a multiple of 8x, in line with Marriott Vacations Worldwide Corporation's (VAC), despite stronger growth and ROIC metrics. FY16E EBITDA at $396m; FY17E EBITDA at $411m."

For an analyst ratings summary and ratings history on Hilton Grand Vacations click here. For more ratings news on Hilton Grand Vacations click here.

Shares of Hilton Grand Vacations closed at $25.85 yesterday.

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