Morgan Stanley initiated coverage of Hilton Grand Vacations (HGV) with an Overweight rating and $47 price target The company’s acquisitions of Diamond and Bluegreen will continue to drive “outsized” earnings growth through synergies and steady sales growth, the analyst tells investors in a research note. The firm says that while both deals likely raise concerns about the quality of the owner base, the average FICO score of owners has actually held relatively stable. As such, it sees room for Hilton Grand Vacations’s provision to move lower over time.
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