As previously reported, BofA upgraded Travel + Leisure (TNL) to Buy from Underperform with a price target of $60, up from $40. The firm, which sees a more resilient backdrop for leisure travel in 2025, neutralized its timeshare exposure with its upgrade, noting that it now has one Buy in T+L, one Neutral rating on Hilton Grand Vacations (HGV) and one Underperform on Marriott Vacations (VAC). In addition to improving travel demand, the firm cites “relatively de-risked” earnings for its upgrade of T+L.
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