Bluegreen Vacations downgraded to Hold at Truist on buyout by Hilton Grand

Truist downgraded Bluegreen Vacations (BVH) to Hold from Buy with a price target of $75, up from $54. after the company entered into a definitive agreement to be acquired for $75 per share in an all-cash transaction by Hilton Grand Vacations (HGV) last week. The firm sees a high likelihood of this deal going through in the first half of 2024, though the purchase is not “inexpensive” and Hilton Grand will have to realize the full expected synergies to make the deal accretive, the analyst tells investors in a research note.