Stifel Resumes Vail Resorts (MTN) at Hold

January 27, 2021 4:54 AM EST
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Price: $324.74 --0%

Rating Summary:
    11 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 7 | New: 32
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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."

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 $275.13 yesterday.



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