Stifel Cuts Price Target on ClubCorp Holdings (MYCC) to $17; Reiterates Buy

October 14, 2016 9:53 AM EDT
Get Alerts MYCC Hot Sheet
Price: $16.60 +0.30%

Rating Summary:
    12 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Stifel reiterated a Buy rating on ClubCorp Holdings (NYSE: MYCC), and cut the price target to $17.00 (from $18.00), following the company's 3Q. Consolidated adjusted EBITDA totaled $59M, in line with consensus. The relative underperformance was driven by softer than expected 3% GCC revenue miss vs. consensus, which management attributed to decreased club utilization and severe weather.

Analyst Steven Wieczynski commented, "We find ourselves a bit puzzled by the magnitude of the post-quarter selloff in MYCC shares (13% vs SPX flat), as we were unable to identify anything in the company’s reported results, strategic outlook, or management’s commentary supportive of such a move. Although we are not surprised by the direction of the trade, as we thought F3Q16 GCC segment underperformance and messaging emphasizing a focus on deleveraging going forward could evoke a modest negative response, we in no way saw this type of selloff coming."

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 $12.32 yesterday.

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