Stifel Maintains Buy on Travel + Leisure Despite Lowering EPS Forecasts

Stifel reaffirmed its Buy rating and $66 price target on Travel + Leisure Co. (NYSE:TNL) a few days back, in line with the broader analyst consensus. But while the outlook stays bullish, the firm trimmed its EPS estimates across the board. Forecast for 2025 drops to $6.58 (from $6.68), 2026 to $7.89 (from $8.14), and 2027 to $9.67 (from $10.19).

According to analyst Simon Yarmak, the changes weren’t about operational weakness but about math, specifically, a higher share price cutting into repurchase activity, which bumps up the share count and pulls EPS down. Nothing wrong with the engine, in other words, just fewer shares to divide the profits by.

A traveler walking along a white-sand beach, a luxury resort in the background.

Stifel left its adjusted EBITDA projections for those same years unchanged. That signals no shift in how the firm views the company’s core performance. Despite the earnings tweak, the broader thesis on TNL remains intact.

TNL is one of the 10 best travel stocks to buy.

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