Stifel Resumes Vail Resorts (MTN) at Hold
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Stifel analyst Steven Wieczynski resumes coverage on Vail Resorts (NYSE: MTN) with a Hold rating and a price target of $286.00.
The analyst comments "We are resuming coverage of Vail Resorts (MTN) with a Hold rating and $286 target price. MTN operates 37 destination ski resorts and regional ski areas across North America and Australia. Shares have outperformed since we suspended coverage (9/25/2020), driven by a ‘flight-toquality’ coupled with optimism on MTN's post-COVID growth outlook. Long-term, we are positive on MTN’s leading network of iconic assets, favorable industry fundamentals, accretive M&A optionality, and the compelling growth story built by management. However, with valuation near peak multiples, we think near-term upside could be limited especially as COVID-19 remains a headwind. While MTN's historical multiple re-rating and value creation has been nothing short of impressive, we would prefer waiting for greater visibility into the post-COVID operating environment or dislocation in valuation before potentially getting more constructive, especially given an increasingly mature domestic pass program. Our $286 target price is based on 17x 2022E Resort Adj. EBITDA."
Shares of Vail Resorts closed at $275.13 yesterday.
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