Weather Causes Cedar Fair L.P. (FUN) Revs To Drop Y/Y, PT To $73 - Janney
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Rating Summary:
12 Buy, 5 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 11
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Janney Montgomery Scott analyst, Tyler Bactory, reiterated his Buy rating on shares of Cedar Fair (NYSE: FUN) but cut his price target to $73.00 (from $78.00) after the company reported net revenue through July 8 of $563M, which was down 2% or $10M YoY.
The analyst stated "we believe weather and the calendar were headwinds and thus still have confidence in the LT growth outlook for the company. We also believe it is a positive that management reiterated its commitment to increase its annual distribution by 4% and saw positive trends at its Knottās Berry Farm park".
This was below expectations for MSD growth. Revenue was driven by a 3% decline in attendance, a slight increase in average in-park per capita spending and a 3% increase in out-of-park revenues.
For an analyst ratings summary and ratings history on Cedar Fair click here. For more ratings news on Cedar Fair click here.
Shares of Cedar Fair closed at $59.38 yesterday.
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