Goldman Sachs upgraded Travel + Leisure Co. to Buy, emphasizing its recurring fee-based income and limited capital intensity. The upgrade comes ahead of the company's second-quarter 2026 earnings release and conference call on July 22, where fee growth and credit quality will be key focal points. Analysts see the asset-light, fee-driven model as a differentiator within the broader travel sector, though the Travel and Membership segment continues to face structural headwinds. Travel + Leisure's narrative projects $4.4 billion in revenue and $868.7 million in earnings by 2029, implying 2.6% annual revenue growth and a $632.7 million increase from current earnings of $236.0 million. The most bullish analysts estimate revenue could reach about $4.6 billion and earnings about $873 million, highlighting a wide range of views on the company's trajectory.
Travel + Leisure CoGoldman Sachs upgrades Travel + Leisure to Buy, citing recurring fee income and asset-light model
Goldman Sachs Group Inc