Hilton Grand Vacations initiated with a Buy at Deutsche Bank

Deutsche Bank analyst Chris Woronka initiated coverage of Hilton Grand Vacations with a Buy rating and $59 price target. The shares trade at valuation levels “too compelling to ignore,” as the company’s business model has evolved to become less capital intensive and more shareholder friendly, the analyst tells investors in a research note. The firm thinks the value proposition that timeshares offer to many vacationers could become better understood in the wake of 50%-plus growth in traditional hotel resort room rates since 2019.