Zacks Downgrades Cedar Fair, L.P. to Neutral (FUN)
Cedar Fair, L.P. (NYSE:FUN) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Wednesday, Analyst Ratings Network.com reports. They currently have a $53.80 price objective on the stock. Zacks‘ price target would suggest a potential upside of 11.25% from the stock’s previous close.
Cedar Fair, L.P. (NYSE:FUN) traded down 1.22% on Wednesday, hitting $47.77. 82,809 shares of the company’s stock traded hands. Cedar Fair, L.P. has a 52 week low of $36.16 and a 52 week high of $52.22. The stock’s 50-day moving average is $49.81 and its 200-day moving average is $45.. The company has a market cap of $2.662 billion and a P/E ratio of 22.82.
Cedar Fair, L.P. (NYSE:FUN) last announced its earnings results on Thursday, November 7th. The company reported $3.41 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.87 by $0.54. The company had revenue of $592.10 million for the quarter, compared to the consensus estimate of $581.69 million. During the same quarter last year, the company posted $2.53 earnings per share. Cedar Fair, L.P.’s revenue was up 7.0% compared to the same quarter last year. On average, analysts predict that Cedar Fair, L.P. will post $2.35 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at FBR Capital Markets initiated coverage on shares of Cedar Fair, L.P. in a research note to investors on Tuesday, November 26th. They set an “outperform” rating and a $70.00 price target on the stock. Analysts at Hilliard Lyons downgraded shares of Cedar Fair, L.P. from a “buy” rating to a “neutral” rating in a research note to investors on Friday, November 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $61.90.
Cedar Fair, L.P. is a limited partnership managed by Cedar Fair Management, Inc (NYSE:FUN).
To view Zacks’ full report, visit www.zacks.com
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