12:45 AM EDT, 06/10/2024 (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 cut our 12-month target to $191 from $232 on FY 25 (Jul.) EV/EBITDA of 10.3x, below MTN's 10-year average forward EV/EBITDA of 16.0x, reflecting inclement weather risks. We lower our FY 24 EPS to $6.45 from $7.86 and FY 25's to $8.60 from $9.70. MTN posted FQ3 GAAP EPS of $9.54, $0.49 below consensus. Revenue of $1,283M (+3.6% Y/Y) was $19M below consensus. Adj-EBITDA of $653M was in line with consensus, with margin widening by 70 bps Y/Y to 50.9% vs. 50.0% consensus. Despite higher resort net revenue and EBITDA, snowfall remained weak across MTN's Western North American and Australian resorts, while total skier visits also declined about 8%, driven by a 17% drop in lift ticket visitations. Pass sales through late May for 2024-2025 were also down about 5% in units, mainly due to a drop in new pass buyers. As a result, MTN lowered its 2024 EBITDA guidance to $825M-$843M. In our view, we'd prefer to stay on the sidelines until weather conditions and lift ticket visitation trends show more signs of a rebound.