Oppenheimer reiterates an Outperform rating and $9.00 price target on Peak Resorts (NASDAQ: SKIS) following 4Q15 results. SKIS reported revenues of $47.0M, slightly better than Oppenheimer's $46.8M estimate. Analyst Ian Zaffino says that the company is making progress with its upgrades at Mount Snow, and expects that SKIS is actively reviewing potential acquisition targets.

Zaffino commented, "SKIS reported FY4Q15 EBITDA of $21.4M, vs. our $20.7M estimate. Full-year FY2015 revenues of $105M and EBITDA of $25M were in line with FY2014 results, in spite of weather events that impacted two holiday weekends. The company is making progress with its upgrades at Mount Snow, including the EB-5 program financing, which now totals $37M. We expect that SKIS is actively reviewing potential acquisition targets with the goal of completing a transaction before winter; however, we have revised our forward estimates to reflect only the current resort portfolio and will adjust for future acquisitions when they are announced. Our FY2016E EBITDA is reduced to $28M, from $37M, and we introduce FY2017E of $32M. Maintain Outperform, $9 PT."

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Shares of Peak Resorts closed at $7.05 yesterday.