B.Riley FBR Maintains Their Buy Rating on Cedar Fair

By Carrie Williams

In a report released today, Barton Crockett from B.Riley FBR maintained a Buy rating on Cedar Fair (NYSE: FUN), with a price target of $79. The company’s shares closed yesterday at $67.34.

Crockett said:

“After a tough 2017 that saw EBITDA for Cedar Fair dip $2 million Y/Y to $479 million and included two misses versus guidance (missing a $500 million target entering the year, and a $480 million to $490 million target as recently as the Nov. 2 3Q17 earnings call), we continue to see Cedar Fair as an appealing combination of growth and yield and we retain our Buy rating and $79 PT. 2017 was flattened by sub-par weather. This should normalize, and a return to past trends of 4% EBITDA growth looks quite reasonable and appealing for a stock indicating a yield of nearly 5.5%, and operating as a leader in theme park industry that is secularly well positioned. For more on the quarter, please see ” 4Q17 React — Slightly Light — Reiterate Buy, $79 PT.”.”

According to TipRanks.com, Crockett is a 4-star analyst with an average return of 6.2% and a 60.7% success rate. Crockett covers the Services sector, focusing on stocks such as Liberty Media Corporation Series A Liberty SiriusXM Common Stock, Lions Gate Ent Corp Cl A, and Cinemark Holdings Inc.

Currently, the analyst consensus on Cedar Fair is Moderate Buy and the average price target is $78, representing a 15.8% upside.

In a report released yesterday, KeyBanc also reiterated a Buy rating on the stock with a $77 price target.

The company has a one-year high of $72.56 and a one-year low of $59.66. Currently, Cedar Fair has an average volume of 110.2K.

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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.