JMP Securities analyst Aaron Hecht lowered the firm’s price target on Hilton Grand Vacations (HGV) to $50 from $55 and keeps an Outperform rating on the shares. Hilton Grand Vacations’ Q3 adjusted EBITDA was below consensus expectations and while management reiterated its FY24 adjusted EBITDA guidance range at the midpoint, they indicated a believe that results were trending toward the low end, the analyst tells investors in a research note. JMP believes Hilton Grand Vacations should be able to drive better sales conversions as the sales force stabilizes under its new form, with results improving and accelerating through 2025 and 2026, which should drive EBITDA and multiple expansion.
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