Janney Capital reaffirms Cedar Fair (NYSE: FN) with a Buy rating and $69 fair value estimate after the company reported Q4 results on Wednesday morning.

Analyst Tyler Batory noted the following points:

• Cedar Fair reported 4Q15 revenue of $167M and adjusted EBITDA of $30M. This was close to in line with expectations. The 4Q is seasonally slow but management reported that revenue for 2015 was up at all but one park. It also noted that it has a positive outlook heading into 2016 and expects to achieve its goal of $500M of adjusted EBITDA earlier than its original 2018 target.
• Average in-park guest spending per capita increased 1% in 2015. We think this is especially positive considering season pass attendance increased 150 bps YoY and represented over 40% of the total. The company noted that guest spending on F&B was the largest contributor to the per cap increase.

Overall, Batory believes Cedar Fair represents a compelling total return investment and is particularly favorable on price hikes, season pass sales, and in-park spending.

For an analyst ratings summary and ratings history on Cedar Fair click here. For more ratings news on Cedar Fair click here.