Imperial Capital Cuts Price Target on ClubCorp Holdings (MYCC) to $16 Following 3Q Report

October 17, 2016 7:07 AM EDT
Get Alerts MYCC Hot Sheet
Price: $14.34 -0.07%

Rating Summary:
    12 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 26 | New: 28
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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."

For an analyst ratings summary and ratings history on ClubCorp Holdings click here. For more ratings news on ClubCorp Holdings click here.

Shares of ClubCorp Holdings closed at $11.88 yesterday.



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