KeyBanc Upgrades Cedar Fair (FUN) to Buy; Near-Term Momentum Likely Remains Solid

KeyBanc upgraded Cedar Fair (NYSE: FUN) to Buy with a price target of $25.00.

KeyBanc analyst says, "Our upgrade is premised upon three key points: 1) in our view, recent operational momentum has remained solid through August, the most important month of the season at roughly 20% of the annual total; 2) we believe new President and CEO-elect Matt Ouimet is an impressive addition to the team and should bring several new growth strategies to the table; and 3) we view the emerging distribution growth story as still largely underappreciated by the market. Even within the context of some macroeconomic uncertainty, we believe FUN is well-positioned given that the regional amusement park industry has historically been quite resilient and the most important tenet of the thesis is based upon cash flow generation in the model, which does not require a tremendous amount of growth to achieve."

For more ratings news on Cedar Fair click here and for the rating history of Cedar Fair click here.

Shares of Cedar Fair closed at $18.92 yesterday.

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