Goldman Sachs Reiterates Neutral Rating on Cedar Fair Following Investor Day
In a report published Friday, Goldman Sachs analyst Afua Ahwoi reiterated a Neutral rating and $43.00 price target on Cedar Fair (NYSE: FUN).
In the report, Goldman Sachs noted, “On 6/27, Cedar Fair held an investor day at their flagship park, Cedar Point. The tone of the day was upbeat. While the focus was mainly on the long-term opportunity and direction of the company, FUN also provided year-to-date (through June 23) revenue, attendance and per cap figures. Total revenue is up 5.0%, slightly below GS 1H13 revenue forecast of up 5.7% but above consensus of up 3.8%. Attendance is up 1% above GS forecast of up 0.1% but in-park guest per cap of +4% was below our forecast of 5.7%. Management cautioned though that thus far, we are only roughly 37% of operating days and 25% of budgeted attendance. They indicated that same park attendance, adjusting for the park they sold and two parks now combined, would actually be up slightly above 1%.”
Cedar Fair closed on Thursday at $40.64.
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