Marriott Vacations Worldwide (VAC) PT Raised to $120 at Mizuho

Mizuho analyst Ben Chaiken raised the price target on Marriott Vacations Worldwide (NYSE: VAC) to $120.00 (from $117.00) while maintaining a Outperform rating.

The analyst comments "We believe VAC is interesting into the 4Q period, with a skewed risk/reward into ’25. The last 18 months have been tumultuous, but the outlook/event path appears cleaner from our perspective, with low expectations. Recall, following our trip in December we felt fundamentals in timeshare were improving, with VAC having an underappreciated contract sales bridge in ’25, with underlying core growth potentially better than expected, and incremental tailwinds from Waikiki and Maui. Further, our view is that cost saves are trending well, with opportunity to invest in growth initiatives. Contract Sales: We believe the future contract sales opportunity is compelling and underappreciated. The last 12-18 months have experienced volatility (Maui, COVID normalization, guide cut, hurricane, etc), but that trend seems to be shifting with the ’25 contract sales bridge very compelling."

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