Oppenheimer Reiterates Outperform on Interval Leisure Group (IILG) Ahead of 3Q Report
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Oppenheimer reiterated an Outperform rating and $22.00 price target on Interval Leisure Group (NASDAQ: IILG) ahead of the company's 3Q report. IILG should report 3Q16 results on November 8. Oppenheimer is looking for revenues and EBITDA of $435/$77M, driven by Vistana synergies and the stability of the exchange business.
Analyst Ian Zaffino commented, "We anticipate solid 3Q16 results when Interval reports its first full quarter with Vistana. Upscale VO sales remain strong and we believe IILG has been insulated from thirdparty defaults, unlike lower-end competitors, Diamond and Wyndham. The recently announced “standstill” involving IILG, VAC and MAR eliminates near-term uncertainty and sets the stage for future consolidation. We adjust 2016E EBITDA to $282M from $276M, owing to PoC accounting treatment of the Nanea property, post the company's receipt of its OC. Maintain Outperform and $22 price target."
Shares of Interval Leisure Group closed at $17.19 yesterday.
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