Travel + Leisure price target lowered to $88 from $89 at Stifel

Stifel lowered the firm’s price target on Travel + Leisure (TNL) to $88 from $89 and keeps a Buy rating on the shares. With the shares down nearly 13% amid concerns surrounding a slight uptick in delinquencies, the firm believes the selloff is overdone, as the company’s primary vacation ownership segment had a very strong Q1 on most metrics. Despite the new owner mix landing lower than expected during the quarter, the team was “highly encouraged” by outperformance on the tour growth side, the analyst tells investors in a research note.