Stifel Cuts Price Target on ClubCorp Holdings (MYCC) to $17; Reiterates Buy
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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."
Shares of ClubCorp Holdings closed at $12.32 yesterday.
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