PRSU Stock Forecast & Price Target

Pursuit Attractions is favored because its iconic, supply-constrained assets in Banff, Glacier, Alaska, Iceland, and Costa Rica give it durable pricing power and high barriers to entry, while 3Q26 showed same-store attraction ticket prices and lodging RevPAR both up 9% with 56% incremental EBITDA flow-through excluding Flyover. Management kept the midpoint of 2026 guidance despite challenging weather, and 2027 commentary suggests core business growth should more than offset the roughly $7M EBITDA headwind from the Flyover sale, supporting estimated 6% revenue growth and 7% EBITDA growth excluding Flyover. The long-run case is reinforced by a $300M-plus organic pipeline, pro forma net leverage near 1x, and a path toward Vision2030 adjusted EBITDA of more than $265M from $117M in 2025.

Pursuit Attractions is challenged by a concentrated, seasonally dependent model that generates approximately three-quarters of annual revenue in Q2 and Q3, leaving results highly exposed to weather, wildfires, and disruptions in key destinations like the Canadian Rockies, Alaska, Iceland, and select U.S. national park gateways. Its negative outlook also reflects macro pressure from inflation, higher oil prices, rising interest rates, and weaker leisure travel, while low labor availability and remote operating locations can hurt guest experience, limit capacity utilization, and pressure margins. Execution risk remains elevated because its Refresh, Build, Buy strategy depends on disciplined acquisitions amid expensive assets, limited transaction availability, regulatory constraints, and ongoing climate and government-related risks.