Cedar Fair (FUN) Receives a Buy from B.Riley FBR

By Austin Angelo

B.Riley FBR analyst Eric Wold reiterated a Buy rating on Cedar Fair (FUNResearch Report) today and set a price target of $60. The company’s shares closed yesterday at $49.70.

Wold noted:

“Earlier this morning (8/7), Cedar Fair (FUN) reported 2Q19 results that came in well ahead of expectations for admissions, revenues, and adjusted EBITDA—in the face of potential adverse weather impacts that lasted through most of June. In addition to driving stronger attendance, FUN made continued gains in guest spending per capita and out-of-park revenues (demonstrating increasing guest and undeveloped land monetization). 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—with FUN also sporting an attractive 7%+ tax advantaged distribution yield. We are reiterating our Buy rating and $60 PT. Management will be hosting a conference call this morning at 10:00am ET.”

According to TipRanks.com, Wold is ranked 0 out of 5 stars with an average return of -8.4% and a 31.6% 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.

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Cedar Fair’s market cap is currently $2.81B and has a P/E ratio of 22.43. The company has a Price to Book ratio of -24.48.

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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.