B.Riley FBR Thinks Cedar Fair’s Stock is Going to Recover

By Jason Carr

In a report released today, Eric Wold from B.Riley FBR reiterated a Buy rating on Cedar Fair (FUNResearch Report), with a price target of $60. The company’s shares opened today at $48.05, close to its 52-week low of $45.58.

Wold noted:

“We believe this should help to put an upward bias on 2H19 attendance expectations, where our model (and consensus estimates) have been projecting attendance declines for both 3Q and 4Q operating periods. Coupled with the continued strength in underlying per capita spending patterns, record sales for season passes and all-season dining/beverage programs as well as the expected partial year contributions from the Resort acquisitions, we would not be surprised if full-year expectations remained unchanged or increased from current levels even with the tough weather-impacted start to the operating season.”

According to TipRanks.com, Wold has currently no stars on a ranking scale of 0-5 stars, with an average return of -6.7% and a 30.9% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cedar Fair with a $60 average price target.

See today’s analyst top recommended stocks >>

Based on Cedar Fair’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $83.67 million. In comparison, last year the company had a net profit of $19.24 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.