Zacks Investment Research upgraded shares of Wyndham Worldwide Corp. (WYN) from NEUTRAL to OUTPERFORM on February 22, 2013, with a target price of $69.00.
We are upgrading our recommendation on Wyndham to Outperform from Neutral on the back of better-than-expected fourth-quarter 2012 results. Wyndham's fourth quarter 2012 earnings and revenues were ahead of the Zacks Consensus Estimates, primarily due to notable improvements in Lodging and Vacation Ownership segments and share repurchases. The company has a market leading position in vacation rental business. We expect the company to benefit from its shift to a greater fee-for-service-based business, solid free cash flow generation, increased global travel demand and international expansion. Wyndham is also consistently rewarding its shareholders. In the fourth quarter, the company also announced a hike in dividend payout. The company is also in an expansion mode both organically and inorganically.
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