Janney Montgomery Scott Cuts Price Target on SeaWorld Entertainment (SEAS) Following 2Q; Remains Sidelined
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Janney Montgomery Scott reiterated a Neutral rating on SeaWorld Entertainment (NYSE: SEAS), and cut the price target to $14.50 (from $19.00), following the company's 2Q earnings report. SEAS reported revenue of $371M and adjusted EBITDA of $84M. This was below expectations for $375M and $92M. The company lowered the midpoint of its guidance range by $25M and now sees $310M to $340M of EBITDA.
Analyst Tyler Batory commented, "We maintain our NEUTRAL on SEAS post its earnings miss and lowered guidance. We continue to believe there are numerous challenges to the business, which suggests the bull case could take longer than expected to play out. Although the international decline in Florida could be transitory, we still think SeaWorld will have difficulty growing results. This should offset any improvements in San Diego or Texas. On the positive side, sentiment is extremely depressed. Our FV moves to $14.50 (from $19) which is 8x our 2017 EBITDA."
Shares of SeaWorld Entertainment closed at $12.88 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJanney Montgomery Scott, Earnings
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