Stifel lowered the firm’s price target on Vail Resorts to $238 from $261 and keeps a Hold rating on the shares after the company reported a Q2 adjusted EBITDA miss and lowered FY23 guidance, primarily reflecting outsized weather disruption to Northeast resorts and Tahoe. While some downside was expected, the scale was likely greater than contemplated, said the firm, which adds that otherwise commentary on staffing levels and guest satisfaction suggests investments in labor have greatly improved operational challenges. The firm lowered its FY23 adjusted EBITDA estimate to align to revised guidance, but said it sees FY23 as "fairly de-risked following today’s guidedown."
Published first on TheFly
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