Shares of Vail Resorts fell 2.8% after Morgan Stanley lowered its price target due to concerns about poor weather conditions affecting key resorts. The stock later recovered to $142.48, down 3.4% from the previous close. The company posted a larger net loss in the first quarter compared to the prior year, raising worries about visitor numbers and spending. Despite this, Vail Resorts maintained its full-year guidance and declared a quarterly cash dividend. The stock is down 18.7% since the beginning of the year and trading 25.6% below its 52-week high.

The market considers this news meaningful, as Vail Resorts shares are not very volatile, with only 8 moves greater than 5% over the last year. The company’s revenue and loss slightly missed Wall Street’s expectations, but it maintained its full-year outlook, showing resilient pricing power despite a slight decrease in North American season pass sales units. Vail Resorts is currently trading at $142.48 per share, down 18.7% since the beginning of the year.

Read more at StockStory: Why Vail Resorts (MTN) Stock Is Down Today