Vail Resorts (MTN) experienced a significant pre-market plunge of 5.60% following the release of disappointing quarterly results and a reduction in its annual outlook.

The ski-resort operator reported second-quarter earnings that fell short of analyst expectations and lowered its fiscal 2026 guidance. The company cited historically challenging weather conditions, including the lowest snowfall levels in more than 30 years at its key resorts in Colorado and Utah, which significantly reduced visitor numbers and hurt profitability.

Multiple Wall Street firms responded by cutting their price targets on the stock. Barclays, JP Morgan, Stifel, Deutsche Bank, Mizuho, and Truist Securities all reduced their targets, reflecting concerns about the impact of poor weather on the company's near-term performance and the high fixed costs associated with operating its resorts.