MKM Sees 50% Upside in Marriott Vacations Worldwide (VAC)

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MKM Partners reiterated a Buy on Marriott Vacations Worldwide (NYSE: VAC) and raised its price target to $60.00 (from $45.00).

"Several data points in the quarter reinforced our conviction in the earnings growth and earnings power of the company," said analyst Chris Agnew.

"The company believes it can achieve a margin of 14%-15% in 2013 versus its initial 2012 goal of 12%. We believe the company can achieve these goals mostly through aligning sales and marketing costs with industry best practice," said Agnew.

VAC has also identified $15 to 20 million of annualized savings by 2014, as it phases out the transitional services agreement with Marriott International (NYSE: MAR). This is seen by Agnew as another positive.

For an analyst ratings summary and ratings history on Marriott Vacations Worldwide click here. For more ratings news on Marriott Vacations Worldwide click here.

Shares of Marriott Vacations Worldwide closed at $39.95 yesterday, with a 52 week range of $15.75-$41.50.

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