UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Vail Resorts Following Solid Season Pass Sales, FY14 Guidance

In a report published Monday, Bank of America analyst Shaun C. Kelley reiterated a Buy rating on Vail Resorts MTN, and raised the price target from $72.00 to $76.00. In the report, Bank of America noted, “Following solid season pass sales and FY14 guidance, we are raising our FY14E and FY15E Resort EBITDA to $286M and $318M from $280M and $312M, resp. Our new numbers take into account better than expected pass sales at the newly acquired Canyons plus better op leverage in the lodging segment. Based on our new estimates, we are raising our PO to $76 from $72, which continues to represent 9.5-10x our FY15E resort EBITDA.” Vail Resorts closed on Friday at $69.59.