Hilton Worldwide Spin Offs Begin Trading on NYSE

Hilton Grand Vacations (HGV), one of two subsidiaries of Hilton Worldwide Holdings (HLT) that were spun off on Jan. 3, rose in first-day trading on the New York Stock Exchange, while the other one, Park Hotels & Resorts (PK), fell. Shares of Park, a portfolio of hotels and resorts, fell 60 cents to $29.90 in Wednesday trading while shares of Hilton Grand Vacations, the hotel company's timeshare business, rose 27 cents to $25.85.

Before today's opening bell, MKM Partners initiated coverage on Hilton Grand Vacations with a "buy" rating and a $32, 12-month price target.

"We believe conditions are ripe for timeshare stocks in general to outperform," MKM analyst Christopher Agnew said in Wednesday's note.

Source: The Street

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