Hilton Grand Vacations provides an opportunity for investors to gain exposure to the timeshare business model at a relatively attractive valuation, JPMorgan analysts say in a research note. Hilton Grand Vacations has transformed significantly since its spin-off from Hilton Worldwide in 2017, and could gain operating momentum in the 2H through 2025, the analysts say. Overall, the company’s owner base has increased above its closest peers. “We believe this is sustainable as it leverages the strength of its branded products,” the analysts add. JPMorgan initiates coverage at overweight with a target price of $59. Shares rise 1.1% to $43.99 in pre-market trading.