Vail Resorts reduced guidance ‘a prospective clearing event,’ says Jefferies

Jefferies says Vail Resorts (MTN)’ update on season-to-date trends was somewhat weaker than anticipated based on weather, despite reduced Street expectations, which could have a “momentary impact on the shares.” However, the firm would view this as an opportunity and views the reduced guidance as “a prospective clearing event,” adding that it prefers to focus on the long-term and intact prospects for strategic and operating improvements. The firm has a Buy rating and $165 price target on Vail shares.