UPDATE: Stifel Nicolaus Cuts PT to $63 on Vail Resorts; Cites Lower Snowfall
Stifel Nicolaus maintained Vail Resorts (NYSE: MTN) at Buy but lowered the price target from $65.00 to $63.00.
Stifel Nicolaus commented, "Despite the strong holiday period results, management does not believe they will be able to make up for the early season shortfalls over the balance of the 2012/13 ski season. … In accordance with management's revised outlook, we are lowering our FY13 Resort EBITDA estimate to $252M versus our prior estimate of $255M. The primary drivers of our downward revision include (1) lower skier visits during Nov-Jan, (2) softer ancillary spending, and (3) slightly higher costs."
Vail Resorts closed at $53.74 on Tuesday.
Latest Ratings for MTN
|Nov 2015||Janney Capital||Initiates Coverage on||Buy|
|Oct 2015||JMP Securities||Maintains||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.