UPDATE: Bank of America Upgrades Vail Resorts to Buy on Multiple Expansion

Bank of America raises its rating on Vail Resorts

from Neutral to Buy and raises its price objective from $50 to $57. Bank of America notes, "We believe MTN shares are undervalued after its business model has been tested through 1) the financial crisis and 2) a very weak snow year in FY12. Increasing season pass sales/prices and new announcements on summer initiatives are both emerging upside catalysts that combined with lower earnings volatility going forward, should start to drive multiple expansion." MTN closed at $47.95 on Thursday.