Travel + Leisure price target lowered to $39 from $44 at Jefferies

Jefferies lowered the firm’s price target on Travel + Leisure to $39 from $44 and keeps a Hold rating on the shares. 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 upside of timeshare stocks “could be tempered.”