Wells Fargo analyst Trey Bowers lowered the firm’s price target on Travel + Leisure (TNL) to $87 from $88 and keeps an Overweight rating on the shares. The firm notes Q1 results were slightly ahead and full-year guidance was reiterated with management citing conservatism given the Iran conflict. Share price reaction around softness in new owner sales and delinquencies looks overdone, Wells argues.
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