Vail Resorts, Inc. ( MTN ) shares are trading lower Friday afternoon after the company reported weaker-than-expected third-quarter financial results and revised its full-year 2024 guidance downward.

What To Know: The company posted quarterly earnings of $9.54 per share, missing market estimates of $10.03 per share. The company's sales came in at $1.28 billion, below the expected $1.30 billion.

As a result of disappointing spring visitation and lowered expectations for its Australian resorts, Vail Resorts ( MTN ) reduced its forward guidance for full-year 2024. The company now anticipates Resort Reported EBITDA to be between $833 million and $851 million and net income attributable to Vail Resorts ( MTN ) to be between $224 million and $256 million.

Related Link: Vail Resorts Stock Slides On Q3 Earnings: What You Need To Know

Analyst Changes: Following the earnings report, several analysts adjusted their price targets for Vail Resorts ( MTN ):

JP Morgan: Downgraded the stock from Neutral to Underweight and reduced the price target from $217 to $176.

Morgan Stanley: Maintained an Equal-Weight rating and lowered the price target from $229 to $179.

Related Link: These Analysts Slash Their Forecasts On Vail Resorts After Weak Q3 Results

Vail Price Action: Vail Resorts ( MTN ) shares were down by 12.2% at $170.96 at the time of writing, according to Benzinga Pro.

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Image: Courtesy of Vail resorts Inc. ( MTN )