Wells Fargo downgrades MTN to market perform on valuation alone
WF put out a new report on MTN on 1/11/11. They downgraded from Outperform to Market Perform.
Some snippets from their report
"Our focus is purely valuation. We believe much of the news of this seasons' strength is priced into the shares and there is limited further upside potential at this time."
"Vail's shares have outperformed major indices (e.g., S&P 500, Russell 2000) by over 2,400bps since 9/30/10. While we believe MTN is a well-managed company with dominant assets and attractive long-term prospects, we feel much of the near-term good news has been priced into the shares and further appreciation is limited."