MKM Partners Raises Price Target on Vail Resorts (MTN) Following 1Q Report

MKM Partners reiterated a Buy rating on Vail Resorts (NYSE: MTN), and raised the price target to $187.00 (from $180.00), following the company's 1Q earnings report. MKM models FY17 adjusted EBITDA of $588.9mn, slightly above the midpoint of MTN's guidance range of $569mn-$605mn.

Analyst Christopher Agnew commented, "MTN reported 1Q17 (off-season quarter) revenues and EBITDA slightly below consensus; however, our key takeaways were: (1) 2016/17 season pass sales continued to impress, up 16%/20% in units/sales dollars through 04-December and (2) MTN FY17 EBITDA guidance of $569mn-$605mn, which includes a reiteration of previous guidance excluding WB and an $87mn contribution from WB for the remainder of the year, was largely as expected. We are updating our estimates just above the midpoint of MTN's guidance range and reiterating our Buy rating: (1) near-term momentum (season pass sales, improving weather conditions and strong bookings in lodging), (2) we are positive on the Whistler Blackcomb (WB) acquisition and (3) multi-year growth opportunity."

For an analyst ratings summary and ratings history on Vail Resorts click here. For more ratings news on Vail Resorts click here.

Shares of Vail Resorts closed at $167.99 yesterday.

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