B.Riley FBR analyst Eric Wold reiterated a Buy rating on Cedar Fair (FUN) today and set a price target of $60. The company’s shares opened today at $55.05.
Wold wrote:
“Before the open today (5/8), Cedar Fair (FUN) reported 1Q19 results that came in ahead of consensus expectations for both revenues and adjusted EBITDA. With 1Q admittedly representing the least-contributing quarter of the year, we believe the focus should be on both the continued gains with in-park per capita spending (up 3% YTD) and the double-digit increase in deferred revenue/season pass demand—which both bode well heading into the core park operating season. We remain optimistic that the continued season pass demand and addition of attractions/special events throughout the year should have a positive impact on both attendance and spending patterns throughout the year—with FUN also sporting an attractive 7%+ tax advantaged distribution yield. We are reiterating our Buy rating and $60 PT.”
According to TipRanks.com, Wold has 0 stars on 0-5 star ranking scale with an average return of -3.5% and a 41.3% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
Cedar Fair has an analyst consensus of Moderate Buy, with a price target consensus of $60.
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The company has a one-year high of $67.35 and a one-year low of $45.73. Currently, Cedar Fair has an average volume of 212.6K.
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Cedar Fair LP engages in the operation of amusement parks, outdoor and indoor water parks, and hotels. Its amusement parks include Cedar Point, Kings Island, Canada’s Wonderland, Dorney Park and Wildwater Kingdom, Valleyfair, Kings Dominion, Worlds of Fun, Knott’s Berry Farm, and California’s Great America.
