According to the CFRA, its "12-month target price of $72 reflects an EV/ EBITDA multiple of about 12.5x our 2022 estimate, a notable discount versus its hotels and lodging peers ... potential upside on the recent strategic realignment with the expected return of leisure travel spending, potentially by H2 2021. Meanwhile, in May 2020, TNL suspended its share buybacks, and in late-July, it set a 40% reduction to its dividend (3.1% yield), which was followed in August by the issuance of about $575 million in asset-backed notes, among other actions to shore up its liquidity. Consequently, with about $1.2 billion in cash (plus about $400 million availability under a revolving credit facility) ... the company has relatively ample liquidity cushion in the near term while it continues to navigate the Covid-19 disruption."