UPDATE: Stifel Initiates Coverage On ClubCorp On Multiple Positive Factors

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In a report published Friday, Stifel analyst Steven Wieczynski initiated coverage on

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ClubCorp Holdings, Inc.

(NYSE: 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.