Macquarie analyst Matthew Brooks upgraded Intrawest Resorts (SNOW) to Outperform and raised its price target to $25 from $18 saying the prospect of a sale is likely to shrink the discounted valuation to Vail Resorts (MTN). Brooks said Vail is a natural buyer of the ski resorts, and could be interested in the four Northeast resorts, its 15% interest in Mammoth, and the NOLs. Other operators could be interested in specific mountains, but not likely to bid for the entire company, and private equity has also been interested int he cash generation of the ski resorts. Further, the analyst believes a higher multiple is warranted on the back of better earnings, balance sheet de-leveraging, and consistent cash generation of its mountains.