Janney Montgomery Scott Reiterates Buy on Cedar Fair L.P. (FUN) After Meeting with Management
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Janney Montgomery Scott reiterated a Buy rating and $68.00 price target on Cedar Fair (NYSE: FUN) after meeting with management. FUN was clear to point out that it believes softness is tied to weather and not a change in business fundamentals. Janney believes 2016 could look similar to 2014, which was also impacted by bad weather.
Analyst Tyler Batory commented, "We recently had the opportunity to tour Cedar Point and meet with Cedar Fair CEO Matt Ouimet, CFO Brian Witherow, Head of IR Stacy Frole, and other park level employees. While weather could create a headwind for 3Q, we think it presents an attractive entry point for investors with a long-term time horizon because we believe the fundamentals of the business have not deteriorated. We also expect FUN will continue to prioritize investing in its parks to drive growth and benefit from new seasonal events in 2017. We reiterate our BUY rating and $68 FV."
Shares of Cedar Fair closed at $58.20 yesterday.
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