KeyBanc Downgrades CEC Entertainment (CEC) to Hold
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KeyBanc downgrades CEC Entertainment (NYSE: CEC) from Buy to Hold based on valuation. KeyBanc analysts said, "While CEC outperformed many of its competitors in 1Q08, we believe that the positive news is mostly reflected in the stock price. Shares of CEC have risen approximately 92% from the low of $19.81 in mid-January vs. an approximate 14% increase in the KBCM restaurant index and a 7% increase in the S&P 500 over the same period. Additionally, we believe that higher labor expenses, commodity costs and a slower seasonal period for CEC in the 2Q will limit material upside to our current estimates. Our rating change is primarily due to the fact that CEC has reached our previous price target of $38 and we do not see significant multiple expansion from current levels."
CEC Entertainment, Inc. and its subsidiaries develop, operate, and franchise family entertainment-restaurant centers under the name ?Chuck E. Cheese's' in the United States and internationally.
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