UPDATE: Stifel Nicolaus Cuts PT to $63 on Vail Resorts on Lower Snowfall

Stifel Nicolaus maintained Vail Resorts MTN at Buy and 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.