Morgan Stanley Downgrades Hilton Grand Vacations (HGV) to Equalweight

Morgan Stanley analyst Stephen Grambling downgraded Hilton Grand Vacations (NYSE: HGV) from Overweight to Equalweight with a price target of $49.00.

The analyst comments: "HGV shares outperformed the S&P 500 and our coverage universe over the past year largely reflecting multiple expansion even as 2026 EBITDA estimates actually came down. With aspects of our thesis proven wrong, yet the stock and valuation higher, we believe EW is warranted even as capital return remains material at >10% of the current market cap in our model (via buyback). HGV shares outperformed the market and our coverage in 2025 (+22% vs. +18%/5% for S&P/GLL Coverage). Much of the outperformance came in the last two months of the year likely owing to greater confidence in the economic backdrop. Over the course of the past year, the company has reported better than expected volume per guest, but a higher provision for loan losses and greater loss in the rental business limited any 2026 EBITDA revisions. As a result, HGV now trades at 9.2x EV/EBITDA (vs. history of 9.7x and 8.6x a year ago)."

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 $48.19 yesterday.

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