Vail Resorts (MTN) Fair Value Estimate Raised to $170 at Janney Following Whistler Blackcomb Deal
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Janney Montgomery Scott analyst Tyler Batory reiterated a Buy rating and raised his fair value target on Vail Resorts (NYSE: MTN) to $170.00 (from $153.00) after the company announced a strategic business combination with Whistler Blackcomb, acquiring all outstanding stock for C$36 per share.
Batory commented, "We view this announcement as a significant positive. MTN has a strong track record of successfully integrating its acquisitions and we would expect this to continue with Whistler. We believe the revenue synergies are numerous and anticipate MTN will benefit from an enhanced portfolio of assets, more season pass sales, an expanded guest database, and diversification from both a FX and weather perspective. We model that the acquisition will close in early November. Our FV is $170 (from $153) which is based on a SOTP analysis on our FY17 estimates."
Shares of Vail Resorts closed at $155.46 yesterday.
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Related EntitiesJanney Montgomery Scott, Definitive Agreement
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