Goldman Upgrades Vail Resorts to Strong Sell Amid Earnings Misses
The Goldman Sachs Group has upgraded Vail Resorts (NYSE:MTN) to a 'strong sell' rating, according to a research report issued on Thursday. This upgrade comes after recent reports from Mizuho and Barclays, which set a target price of $174.00 and reduced their price target on shares of Vail Resorts from $138.00 to $119.00, respectively.
The company reported earnings per share of $8.81 for the quarter, missing the consensus estimate of $8.97 by ($0.16). Revenue was down 7.0% compared to the same quarter last year, and analysts predict that Vail Resorts will post $4.32 earnings per share for the current fiscal year.
Institutional investors have been adding to their stakes in Vail Resorts, with BlackRock Inc. purchasing a new position worth $464,712,000 in the 2nd quarter. Hedge funds currently own 94.90% of the company's stock.