As previously reported, Macquarie downgraded SeaWorld to Underperform from neutral and lowered its price target to $10 from $12. Analyst Matthew Brooks views the CEO departure as a negative, especially following the CFO departure in August. He thinks SeaWorld is over-leveraged and structurally challenged with too much debt and spending commitments. Brooks said valuation is too high for a stock with 5x leverage and falling EBITDA in the last two years. Any potential acquirers are likely to get a better deal if they wait and let falling fee-cash-flow and Fed tightening pressures reduce the acquisition cost, the analyst wrote in a note to investors.