Former CEO Rob Katz is returning to Vail Resorts
Shares of Vail Resorts Inc (NYSE:MTN) are up 14.7% at $173.80 at last glance, after Rob Katz -- Vail's CEO from 2006 to 2021 and the mastermind behind Epic Pass -- was tapped to reclaim the position, replacing Kirsten Lynch. In response, J.P. Morgan upgraded the ski resort name to "neutral" from "underweight," while BofA Global Research lifted its price target to $175 from $160.
Today's pop has MTN trading at its highest levels since January, though the stock is still down 7.2% year-to-date. The shares are clearing a slew of daily moving averages today, and now sit back above the $170 level, a strong region of support in 2024.
Over in the options pits, Vail Resorts stock has already seen 5.4 times the average options volume it typically sees in an entire session. The June 180 call is the most popular, with new positions being sold to open there.
The majority of analysts are still bearish on MTN, leaving plenty of room for further upgrades. Of the 14 brokerages in coverage, eight carry a "hold" rating, with one a "sell."