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Wyndam Worldwide (WYN)

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Wyndham Worldwide's (WYN) third quarter 2011 earnings were ahead of the Zacks Consensus Estimate, primarily on the back of strong operational performance at each of the three businesses, sound expense management, and continued share repurchases.

Going forward, we expect Wyndham to benefit from its repositioning to a more fee-for-service based business, and its strategic focus on Vacation Exchange as well as Rental businesses. The company is also experiencing a recovery in lodging business with a surge in leisure demands. Wyndham remains committed to enhancing shareholder value and expanding through acquisitions, given the robust free cash flow generation by the company.

Moreover, the company is strengthening its presence in the international markets, particularly in Europe and Asian markets like China and India. The company also raised its outlook for 2011. Hence, we maintain an Outperform rating on the stock.

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