Travel + Leisure downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Travel + Leisure to Underweight from Equal Weight with a price target of $40, down from $46. The firm remains cautious on the broader leisure demand travel backdrop and expects further deterioration of timeshare. The Federal Reserve’s interest rate cuts won’t benefit timeshare in the near-term, the analyst tells investors in a research note. Barclays cites its neutral to negative bias for the sector and its belief timeshare hasn’t bottomed yet for the downgrade of Travel + Leisure.