UPDATE: Stifel Initiates Coverage On ClubCorp On Multiple Positive Factors

In a report published Friday, Stifel analyst Steven Wieczynski initiated coverage on ClubCorp Holdings, Inc. MYCC with a Buy rating and $23.00 price target. In the report, Stifel noted, "We are initiating coverage of ClubCorp Holdings, Inc. with a Buy rating and establishing a $23 target price (10x FY16E EBITDA) on the shares. ClubCorp's subscription-based membership dues revenue model produces consistent and predictable financial results, while several embedded organic growth initiatives, coupled with optionality around future M&A, should accelerate the rate of adjusted EBITDA growth and FCF generation." ClubCorp closed on Thursday at $17.91.