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Fly News Breaks for March 3, 2017
TRK
Mar 3, 2017 | 06:48 EDT
Macquarie analyst Matthew Brooks downgraded Speedway Motorsports to Underperform and lowered its price target to $16 from $17 due to weakening NASCAR attendance trends. The analyst said admissions fell every quarter in 2016, partly due to weather, but the consistency of the drop indicates structural issues due to an aging fan base. Brooks said TV broadcast fees limit downside but valuation still looks too high given the fall in EBITDA and the expected decline in 2017 attendance.
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