Marriott Vacations price target lowered to $52 from $76 at Jefferies

Jefferies lowered the firm’s price target on Marriott Vacations (VAC) to $52 from $76 and keeps a Hold rating on the shares. The quarterly underperformance, the stock reaction, and the announced CEO change is the beginning of a transition period for the company and the shares, the analyst tells investors in a research note. The firm believes there is considerable potential value in the company’s brands and assets, however, underwriting earnings power is presently highly challenged.