Hudson Securities Reiterates Buy On Wyndham Worldwide (WYN)

Hudson Securities is reiterating its Buy rating and $38 price target on shares of Wyndham Worldwide WYN after it reported earnings. In a note to clients, Hudson writes, "WYN trades at 6.6x our 2012 EBITDA estimate, which is roughly half of where the rest of the group trades. Recent M&A activity in the timeshare sector suggest the Street continues to undervalue WYN's timeshare business. WYN has delivered on all its promises. It produced $600 million of free cash flow, it increased its dividend, it bought back a lot of stock, and is made acquisitions of several fee-based business that fold nicely into its existing portfolios. At under 7.0x we think WYN is the most compelling value story in our universe. Reiterate Buy rating." Shares of WYN are up 15 cents to $31.00 in pre-market trading, a gain of 0.5%.