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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