11:06 AM EDT, 09/30/2025 (MT Newswires) -- Vail Resorts' ( MTN ) initiatives to drive its Epic pass sales could take time to translate to results given the short operating season and the company's pass selling trends, BofA Securities said in a Tuesday note.

The company reported a fiscal Q4 net loss of $5.08 per diluted share, widening from $4.70 a year earlier, while revenue increased to $271.3 million from $265.4 million. BofA Securities said Vail Resorts' ( MTN ) Epic pass units were down 3% during the quarter.

Vail Resorts' ( MTN ) management expects pass trends to be consistent through the end of the selling season, with lower visitation, the investment firm said.

According to BofA Securities, Vail Resorts ( MTN ) Chief Executive Officer Rob Katz seems to be focused on improving marketing and increasing lift ticket revenue, particularly for non-pass products. Meanwhile, management hinted at potential pricing changes for the fiscal 2027 ski season's passes, the investment firm added.

BofA Securities lowered its price target on Vail Resorts ( MTN ) stock to $165 from $175, and reiterated its neutral rating.

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