NEW YORK J.P. Morgan recently started coverage of Cendant Corp. with a buy rating and a $23 price target. Analyst Amanda Tepper said in a research note, “Cendant has returned to its old acquisition-driven growth strategy, which we consider the single biggest reason to own the stock today.”
Cendant is expected to beat consensus earnings estimates all year on successful cross-marketing of Fairfield timeshare resorts, continued outperformance of the realty division, and acquisitions, Tepper said in a research note. Cendant shares rose $0.22 to $18.40 and hit a 52-week high of $18.49 earlier in the trading session on the New York Stock Exchange. Cendant s 52-week trading range is $8.1875 to $18.48. (5/22/01)
SOURCE:Reuters