As previously reported, Macquarie upgraded Vail Resorts to Outperform from Neutral and maintained a $300 price target. Analyst Matthew Brooks believes Vail deserves a premium valuation due to lack of new ski resorts, rising recurring revenue and strong free cash flow generation. Brooks believes the mid-point of $734M EBITDA guidance could prove conservative and expects growth to be solid even with below-average weather. Further, the analyst believes Vail will be active in M&A, likely through bolt-on deals in North America, which is underestimated by the market.