Travel + Leisure price target raised to $65 from $59 at Truist

Truist raised the firm’s price target on Travel + Leisure to $65 from $59 and keeps a Buy rating on the shares as part of a broader research note on Lodging names. The firm’s view has been that it would take several consecutive quarters of “normalcy” for the group and delivering the way they did pre-Covid in order for valuation multiples to begin to ratchet-back up towards historical levels, and this past earnings season, the company “clearly achieved” that goal, the analyst tells investors in a research note. The firm adds that Travel + Leisure bookings are ahead 5% on room nights for the full year, with Las Vegas and Orlando called out as markets of strength.