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Fly News Breaks for December 2, 2019
FUN
Dec 2, 2019 | 09:28 EDT
B. Riley FBR analyst Eric Wold downgraded Cedar Fair to Neutral from Buy with a price target of $57, down from $60. After a strong 2019, with attendance up an estimated 8%-9%, Cedar Fair will face the toughest attendance comp in a decade, Wold tells investors in a research note. Further, with higher off-season and other start-up costs, the analyst reduced his Q4 adjusted EBITDA estimate for the company from $64M to $62M. He finds it difficult to argue for a higher valuation multiple until we are closer to the start of the core 2020 season.
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