Wells Fargo Downgrades Vail Resorts (MTN) to Market Perform; Lack of Visible Near-Term Catalyst

May 10, 2012 7:35 AM EDT
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Price: $161.57 --0%

Rating Summary:
    17 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 16 | New: 50
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Wells Fargo downgraded Vail Resorts (NYSE: MTN) from Outperform to Market Perform, price target range lowered to $45-48 from $48-52.

Analyst, Jeffrey J. Donnelly, said, "Despite our conviction in the underlying value of the resorts and burgeoning sales of the Epic Pass, we find that the shares historically exhibit low appreciation potential outside of the ski season. Spring season pass sales have been impressive, up over 19% in units and over 27% in dollars, which should foreshadow a robust 2012/13 season, but we expect that excitement to resume in Fall 2012. We are lowering our 2012E EPS to $0.41 from $0.60 and lowering our 2013E to $1.12 from $1.14 to incorporate MTN's disclosure of season-to-date metrics."

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 $43.81 yesterday.

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