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Janney Montgomery Scott initiates coverage of Wyndham Worldwide at 'neutral'

JanneyMontgomery Scott LLC analyst Tyler Batory initiated coverage ofWyndham WorldwideCorp. with a rating of "neutral."

The analyst wrote in a research report: "We expect amore normalized domestic RevPAR environment and challenges to the exchangebusiness to weigh on growth. We also estimate continued low growth for thetimeshare segment. While WYN should generate substantial cash flow, we think thisis priced into the stock and understood by consensus. Our FV is $87, which we deriveusing a SOTP analysis on our 2017 estimates."