UPDATE: Credit Suisse Initiates Coverage on Intrawest Resorts Holdings with Outperform Rating, $17 PT as Leading Resort Operator

In a report published Tuesday, Credit Suisse analyst Joel Simkins initiated coverage on

with an Outperform rating and $17.00 price target. In the report, Credit Suisse noted, “Intrawest (SNOW) is the second largest public ski operator, with interests in five resorts. These include wholly-owned stakes at Steamboat, Winter Park, Mont Tremblant, Stratton and Snowshoe, as well as stakes in Blue Mountain and Mammoth. SNOW owns Canadian Mountain Holidays (CMH), the leading heli-skiing operation in North America, while it also manages hospitality assets, markets and sells real estate, and operates Club Intrawest timeshare. Our $17 TP is based on multiples of 9.0, 9.5, and 9.0 on our 2015 EBITDA estimates for the mountain, adventure, and real estate divisions, respectively, discounted back, plus 1 times real estate BV.” Intrawest Resorts Holdings closed on Monday at $13.63.