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Credit Suisse initiates coverage on Vail Resorts
MTN with an Outperform rating and a target price of $56 per share, as it sees upscale vacationers not foregoing their ski getaways.
Credit Suisse notes, ": Visitation trends at Vail's resorts have been resilient; despite concerns about discretionary leisure travel. The company's differentiated marketing capabilities, same-store reinvestments and advanced purchase programs have helped it gain market share plus generate more predictable revenue. We prefer companies with exposure to high-end consumers. Given that Vail's typical customer has an income exceeding $200,000, the company is favorably positioned."
MTN closed at $42.69 per share on Friday.
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