UPDATE: KBW Initiates Vail Resorts at Outperform (MTN)

KBW is out with its report today on Vail Resorts MTN, initiating MTN at Outperform.

In a note sent to clients, KBW writes, "We are initiating coverage on Vail Resorts with an Outperform rating and a $58 price target. We view shares as a solid play on an economic recovery, particularly for higher-end consumers. As an owner/operator of premier U.S. ski resorts, MTN should benefit from pricing power at its core business, as well as a recovery in the second home market."

Shares of MTN closed Tuesday at $49.64.