Travel + Leisure downgraded to Hold at Jefferies on risk-averse markets

As previously reported, Jefferies analyst David Katz downgraded Travel + Leisure to Hold from Buy with a price target of $49, down from $71. The prospects for the timeshare industry and the stocks could prove positive over the longer-term, but based on historical performance the stocks have historically underperformed in risk-averse markets, the analyst tells investors. The firm also believes that estimates will move down for late 2023-plus for the group as consumers decrease discretionary spending and financing margins weaken from rate hikes.