Truist analyst C. Patrick Scholes lowered the firm’s price target on Hilton Grand Vacations to $52 from $71 and keeps a Buy rating on the shares as part of a broader research note on Vacation Ownership names. The firm is revising its estimates following a quarter that saw macro-related issues and/or idiosyncratic problems for the sector, citing higher loan loss provision percentages amid pressure on the lower financial demographic customers and the elongated post-wildfire recovery in Maui, the analyst tells investors in a research note. For Hilton, Truist also notes the disruption from the restructuring of its sales and marketing team as the company has rolled-out a new operational structure for the Bluegreen acquisition which caused disruption to sales in the quarter.
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