Jefferies downgraded Marriott Vacations to Hold from Buy with a price target of $112, down from $150. The concerns over the macroeconomic outlook, notably consumer credit and interest rates, “are driving a separation of timeshare business merits from valuations,” the analyst tells investors in a research note. The firm believes that until economic visibility improves, the shares of timeshare names “could be tempered.” In Marriott Vacations’ case, the current product transformation is further impacting visibility, says Jefferies.
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