Cedar Fair (FUN) PT Raised to $74 at FBR Capital Following 4Q16 Results

FBR Capital analyst Barton Crockett reiterates Outperform rating and raises price target on Cedar Fair (NYSE: FUN) to $74 (from $68), noting multiple growth prospects, as the company reported “encouraging” 2016 fourth quarter results.

Crockett comments, "We take our price target up $6 to $74, after Cedar Fair's encouraging 4Q16 earnings report. The headline figures were helpful, with upside in revenues and EBITDA in the seasonally small but secularly growing fourth quarter (boosted by rising consumer interest in Halloween and Christmas activities in regional theme parks). The report also featured some encouraging updates on growth opportunities in season/dining/ drink pass products, lodging expansion, and Great Adventure in California. The evidence of growth opportunities pushes us to assume a better multiple, bolstering our price target."

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