Goldman Sachs upgraded Travel + Leisure to Buy from Neutral with a price target of $85, up from $73. The firm believes the stock's underperformance post the Q1 results is overdone. Travel + Leisure is "arguably the cleanest capital-light recurring fee story" in the sector, the analyst tells investors in a research note. Goldman is taking a more constructive view on the timeshare sector citing opportunity for execution-driven earnings growth and self-help initiatives. This is on top of a broader backdrop for strong travel demand, particularly within the U.S., the analyst tells investors in a research note.
