Deutsche Bank Starts Marriott Vacations Worldwide (VAC) at Hold; Some N-T Headwinds

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Deutsche Bank initiates coverage on Marriott Vacations Worldwide (NYSE: VAC) with a Hold. PT $19.00.

Deutsche analyst says, "Although we acknowledge the path to margin improvement is clearly defined and achievable and current levels represent a modestly favorable risk/reward given an inexpensive valuation, we see the macroeconomic environment, a limited timeshare investor base, and execution risk, as being near-term headwinds for VAC shares. Therefore, we believe more favorable long opportunities will present themselves over time."

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 $15.98 yesterday, with a 52 week range of $15.88-$18.24.

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