"Wyndham's growth trajectory remains positive despite a reduced fundamental outlook (the RevPAR guidance revision was not a directional surprise, though); other/license fees, net unit growth, cost-cutting, and buybacks are driving per-share earnings growth," he said. "All eyes are on RevPAR, though, and the slower-to-inflect U.S. trends – the positive inflection is what is needed for [Wyndham] shares to re-rate higher, in our opinion."