Peak Resorts Inc (NASDAQ:SKIS) received a stock rating upgrade from Macquarie on May-26-16. In a note to investors, the firm issued an Outperform rating. The analysts previously had an Underperform rating on the stock.
Analysts have a consensus target price of $5.55 in the 12-month period. The price objective is 29.67% higher than the recent closing price of $4.28. The 52-week price range is $2.60-$7.53 and the company has a market capitalization of $58.85 billion. Analysts covering the shares maintain a consensus Strong Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 0 has assigned a hold rating, 1 says it’s a buy, and 5 have assigned a strong buy rating to the company.
Peak Resorts Inc (SKIS) on May 25, 2016 announced that the United States Citizenship and Immigration Services (USCIS) approved the company’s Mount Snow EB-5 program. The related $52 million in funds raised from investors for the Mount Snow development projects will be released from escrow immediately following the approval of the first I-526 Petition submitted by an investor in the Mount Snow EB-5 offering. Historically, the Petition approvals occur shortly after program approval.
While awaiting this USCIS approval, the company invested more than $12 million in project construction since May 2015. Peak Resorts will be reimbursed for that spending as the committed funds are released from escrow.
USCIS approval of an I-526 Petition is the first step in the process pursuant to which an immigrant who invests in an EB-5 program can become a permanent resident of the United States. The initial I-526 Petition approval allows Mount Snow to access investors’ committed funds that were required to be held in escrow pending the first Petition approval.
“We are pleased that we received the EB-5 project approval, and look forward to the funds being released from escrow soon so that we can resume our Mount Snow development projects,” said Timothy D. Boyd, president and chief executive officer of Peak Resorts. “The master plan for Mount Snow is expected to enhance the overall visitor experience at the resort by bolstering snowmaking capacity and adding a new three-story, state-of-the-art ski lodge.”
Steve Mueller, chief financial officer, added, “During the upcoming summer season, we have a solid schedule of activities at our various resorts that will contribute to off-season revenues. We continue to explore alternatives to strengthen the long-term liquidity position of the Company.”
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