Marriott Vacations downgraded to Neutral from Outperform at Mizuho

Mizuho analyst Ben Chaiken downgraded Marriott Vacations (VAC) to Neutral from Outperform with a price target of $58, down from $85. The stock’s valuation is optically compelling, with both the spread vs. peers close to all-time highs and EBITDA valuation at/near 15-year trough, though the firm also sees downside risk to the company’s expected performance that is not anticipated by buy-side or sell-side, the analyst tells investors in a research note. Sales personnel are leaving Marriott to sell at other platforms, where there may be an easier sales pitch as well as better-quality tour leads, the firm added.