UPDATE: Stifel Downgrades Vail Resorts to Hold on Limited Upside

In a report published Friday, Stifel analyst Steven Wieczynski downgraded the rating on Vail Resorts MTN from Buy to Hold. In the report, Wieczynski noted, “We are downgrading shares of Vail Resorts from Buy to Hold, as we believe recent share price appreciation (MTN +49% vs. S&P 500 +17% since late-May) offers limited (~6%) upside to the $66 fair equity value derived from our sum-of-the-parts valuation analysis. Furthermore, with shares sitting just below their all-time trading high of $66.25 achieved in October 2007 and the loss-leading shoulder quarters on the horizon, we believe investors could look to lock in profits as the 2012/13 ski season draws to a close, potentially making for a soft near-term trade.” Vail Resorts closed on Thursday at $61.75.