Janney Capital Reiterates Buy on Cedar Fair L.P. (FUN) Following Knott’s Berry Farm Tour

Janney Capital reiterated a Buy rating and $67.00 price target on Cedar Fair (NYSE: FUN) following a tour of Knott’s Berry Farm outside of LA. Knott's is the second largest asset in the portfolio with attendance approaching 4M people. The park has undertaken numerous CAPEX projects over the past few years to differentiate itself. It refurbished some of the most popular rides and renovated the kid's area.

Analyst Tyler Batory commented, "We recently had the opportunity to tour Knott’s Berry Farm outside of LA. We came away impressed with the quality of the park and the strategic investments made over the past few years. This has allowed Knott’s to differentiate itself from nearby Disneyland and Universal Studios Hollywood. From a stock perspective, we have increased confidence in our thesis that future growth can be driven by price increases, sales of more season passes and advanced tickets, and in-park spending. Our FV is $67 which is 11x our 2016 EBITDA."

Read the rest at StreetInsider