Hudson Securities Reiterates Buy Rating on Wyndham Worldwide (WYN)

Hudson Securities is out with a research report this morning, where it reiterates its buy rating on Wyndham Worldwide WYN; it has a $38.00 price target on the stock. The HS analysts cited the company's recent earnings release, which was “solid.” The company also reaffirmed 2011 guidance that was essentially in-line with the current Street consensus. The analysts added that WYN's story remains intact and that they would use this opportunity to back up the proverbial truck and buy the shares. As for valuation, the analysts remarked, “Applying a 9.5x multiple to the lodging and vacation exchange/rental verticals and a 6.0x multiple to timeshare blends out to an all-in multiple of 7.9x, which, given our projected 2012 EBITDA and net debt levels, yields a 12-18 month target price of $38, representing 23% upside from current levels.”