Stifel analyst Brad Boyer noted that Vail Resorts' 18-19 ski season-to-date operating metrics came in well below his forecast and the consensus view, adding that he believes the company "inflicted collateral damage on the stock" by waiting until today to revise its FY19 adjusted EBITDA guidance lower. While admitting management had limited to no visibility into the weather outlook at the time they reported Q1 results on December 7, Boyer said he thinks they likely were "privy to some forward-looking data/metrics that indicated achieving the high end of its prior guidance was not going to be possible." The analyst, who said he finds it hard identifying a compelling short-term catalyst for Vail Resorts, cut his FY19E adjusted EBITDA view to $695M, or 3% below the low end of guidance, and lowered his price target on Vail shares to $215. He keeps a Hold rating on Vail Resorts, which is down 13% to $186 in afternoon trading.