01:40 PM EDT, 03/20/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target price to $232 from $247 on FY 24 (Jul.) EV/EBITDA of 12.4x, a discount to MTN's 10-year average forward EV/EBITDA multiple of 16.0x, justified by the risk of adverse weather conditions. We lower our FY 24 EPS to $7.86 from $9.32 and FY 25's to $9.70 from $10.70. MTN posted Apr-Q adj-EPS of $5.76, $0.42 below consensus. Revenue of $1,078M (-2.2% Y/Y) was $75M below consensus. Adj-EBITDA rose 6.9% Y/Y to $424M vs. the $453M consensus, with the margin widening 300 bps Y/Y to 39%. Despite the recent snowstorm in the Rocky Mountains, MTN has overall seen snowfall down 42% across Western North American resorts over the prior year. Eastern resorts have also seen limited natural snow and variable temperatures. Nonetheless, we are optimistic about MTN's plans for higher pricing, along with the recent shift in visitations toward the latter half of the ski and snowboard season. We're also positive on MTN's recent cost management, higher dividend (+8% Y/Y), and the Crans-Montana acquisition.