Imperial Capital Cuts Price Target on ClubCorp Holdings (MYCC) to $16 Following 3Q Report
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Imperial Capital maintained an Outperform rating on ClubCorp Holdings (NYSE: MYCC), and cut the price target to $16.00 (from $21.00), following the company's 3Q earnings report. At the end of 2016, ClubCorp will have completed reinvention capex at nearly all 2014-2016 acquired clubs. Additionally, ClubCorp is nearing completion of a major IT upgrade.
Analyst George Kelly commented, "On 10/13/16, ClubCorp reported mixed 3Q16 results. EBITDA of $59mn slightly beat our estimate, while revenue of $259mn missed our estimate by $6mn. The company lowered its annual revenue guidance to $1,085mn at midpoint ($1,095mn previously), while maintaining the midpoint of EBITDA at $247mn. Growth remains choppy, with organic growth slowing in both the golf and business segments."
Shares of ClubCorp Holdings closed at $11.88 yesterday.
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