UPDATE: Stifel Nicolaus Raises PT to $66 on Vail Resorts; Trends Improvement Continues
Stifel Nicolaus maintained Vail Resorts (NYSE: MTN) with a Buy rating and raised the price target from $63.00 to $66.00.
Stifel Nicolaus commented, "We expect MTN shares to trade higher exiting the quarter, following a report of relatively in-line F2Q13 results, coupled with management's decision to reiterate its previously revised FY13 guidance and reward shareholders with a 10% increase in the company's dividend ($0.21 vs. $0.19). Although management elected to maintain guidance, we inferred from their commentary that visitation and spending trends, particularly at its Colorado resorts, have continued to build momentum subsequent to weather-impacted early season results, leading us to believe guidance could prove conservative, provided recent encouraging trends persist throughout the balance of the 2012/13 ski season."
Vail Resorts closed at $56.70 on Wednesday.
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