Vail Resorts upgraded to Buy from Hold at Stifel

Stifel upgraded Vail Resorts to Buy from Hold with an unchanged price target of $268, which implies 18% upside. Despite limited catalysts, the shares have underperformed through the North America offseason and are now trading near post-Covid lows, the analyst tells investors in a research note. The firm’s analysis suggests upside to consensus estimates, and it believes the shares should conversely benefit from a “flight-to-safety trade” amid ongoing economic uncertainty given the company’s “high-income and passionate” consumer base. Stifel expects Vail management to remain active returning capital to shareholders via buybacks should shares remain at depressed levels. Hence, it sees a favorable setup heading into the company’s fiscal Q4 earnings report.