UPDATE: Stifel Nicolaus Raises PT to $68 on Vail Resorts on Outlook
Stifel Nicolaus reiterated its Buy rating on Vail Resorts (NYSE: MTN) and increased its price target from $60 to $68.
Stifel Nicolaus noted, "Despite what could easily be described as a challenging consumer macroeconomic environment, both domestically and abroad, MTN management established preliminary FY13 expectations that trumped our tepid outlook heading into the quarter. Aided by continued strength in its growing season pass program, coupled with an encouraging early season lodging outlook, management established a FY13 Resort EBITDA guidance range of $260M to $270M, implying a y/y increase of ~30% at the midpoint."
Vail Resorts closed at $57.07 on Tuesday.
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