Nomura Securities Maintains a 'Neutral' on Wyndham Worldwide (WYN); 3Q Upside Sources

Nomura Securities maintains a 'Neutral' on Wyndham Worldwide (NYSE: WYN) price target raised from $34 to $38.

Nomura analyst, Harry Curtis, said, " WYN posted 3Q EPS of $0.94 beating our $0.90 and the Street’s $0.88. Upside in the quarter was driven primarily by the timeshare (WVO) segment and a lower share count. Lodging (WHG) and exchange and rental (WER) were laggards. WYN ended 3Q with 154mn shares, lower than most expected. Earnings growth appears high, but organic growth is in line with its peers. We expect WYN to continue buying stock; as a result, we increase our price target to $38. Our 2011E EPS goes from $2.43 to $2.46 and 2012E from $2.37 to $2.97."

For more ratings news on Wyndham Worldwide click here and for the rating history of Wyndham Worldwide click here.

Shares of Wyndham Worldwide closed at $32.78 yesterday.

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