Vail Resorts (MTN) PT Raised to $355 at Stifel
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Stifel analyst Steven Wieczynski raised the price target on Vail Resorts (NYSE: MTN) to $355.00 (from $353.00) while maintaining a Hold rating.
The analyst commented, "We expect a mixed reception to tonight's results. On the one hand, lockdowns in Australia not contemplated in Consensus or prior guidance led to both 4Q21 and FY22 guidance coming in below Consensus. On the other hand, pass sales sharply accelerated relative to trends disclosed at F3Q21 earnings, whereas we believe most investors were anticipating a deceleration in growth. Meanwhile, significant planned capital spending in CY22, while a key tenet of management's successful historical growth algorithm, could raise questions around the direction of ROIC into the latest phase of management's advance commitment strategy. While positive on pass sales trends and incremental conversion to advance commitment, we remain Hold-rated for the time being largely on valuation. We adjust our model on guidance, and higher conviction on pass sales. Target price goes to $355 from $353 on slightly higher FY23 estimates."
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