Vail Resorts price target lowered to $223 from $259 at Stifel

Stifel lowered the firm’s price target on Vail Resorts to $223 from $259 and keeps a Buy rating on the shares ahead of the company’s fiscal Q4 report due post-close on September 26. The firm, which updated its model and lowered FY25E Resort adjusted EBITDA by 8%, primarily on North America demand normalization cited at Q3 and evidenced in recent industry data, as well as challenging conditions in Australia, notes that its revised FY25 Resort adjusted EBITDA forecast is now 1% below consensus.