Mizuho raised the firm’s price target on Travel + Leisure (TNL) to $86 from $72 and keeps an Outperform rating on the shares. The firm notes that the company delivered a very compelling quarter juxtaposed with what it feels is a changing/ improving narrative for the stock. A few things stand out to Mizuho, namely unrelated to macro backdrop, Travel + Leisure is seeing a positive inflection in their provision; Sports Illustrated/Eddie Bauer should serve as near/medium term top-line catalysts, likely underappreciated and not well understood by the market as TNL puts more dots on the map; the core timeshare business at Travel + Leisure is improving; and the T&M segment is showing signs of stabilization, which can help improve the overall EPS/ EBITDA growth profile.
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