Wyndham Worldwide: S&P Intraday Gainer
The S&P was up 3 points, or 0.21%, to 1,406.28.
Shares of Wyndham Worldwide rose 3.12% to $46.53. The stock was upgraded to buy from neutral by Goldman Sachs analysts on Thursday.
"We are upgrading our rating on Wyndham to Buy from Neutral as we believe there is more upside and growth to Wyndham's core operating fundamentals then currently forecasted," Goldman Sachs analysts wrote in a report Thursday. "Evidence of these opportunities should become more apparent over the next few quarters both on the top line and bottom line. The surge in share price of 50% over the past 12 months (vs. 7.3% for the S&P 500) was driven primarily by better investor understanding of the cash flow and share buyback story, in our view. But now as we look out into the balance of 2012 and 2013 we believe there is another leg to the story and would urge investors to try to capture it."Shares of Wyndham hit a 52-week high Friday of $46.99. The stock's 52-week low of $24.76 was set on Aug. 8. Wyndham has an estimated price-to-earnings ratio for next year of 13.63 times; the average for hotel companies is 25.17. For comparison, both Marriott International (MAR) and Starwood Hotels & Resorts (HOT) have higher forward P/Es of 19.51 and 21.17, respectively. Thirteen of the 14 analysts who cover Wyndham Worldwide rated it buy; one analysts gave the stock a sell rating. TheStreet Ratings gives Wyndham Worldwide a B grade with a buy rating and a $55.09 price target. The stock has risen 23.13% year to date.
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