Deutsche Bank Aktiengesellschaft Cuts Cedar Fair (NYSE:FUN) Price Target to $58.00

Cedar Fair (NYSE:FUN) had its price objective decreased by equities research analysts at Deutsche Bank Aktiengesellschaft from $65.00 to $58.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 55.87% from the stock’s current price.

Several other analysts have also recently issued reports on FUN. JPMorgan Chase & Co. decreased their price objective on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. Morgan Stanley boosted their target price on Cedar Fair from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, July 1st. Citigroup cut their target price on Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Oppenheimer boosted their target price on Cedar Fair from $49.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Finally, The Goldman Sachs Group cut their target price on Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average price target of $57.92.

Cedar Fair Price Performance

Shares of FUN opened at $37.21 on Friday. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 15.31 and a beta of 1.55. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $58.70. The business’s 50 day simple moving average is $43.00 and its 200-day simple moving average is $44.28.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.02. The business had revenue of $571.62 million for the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. On average, sell-side analysts expect that Cedar Fair will post 2.09 earnings per share for the current year.

Hedge Funds Weigh In On Cedar Fair

Several hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in shares of Cedar Fair by 15.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after buying an additional 539,352 shares during the period. PNC Financial Services Group Inc. grew its stake in Cedar Fair by 10.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after purchasing an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. purchased a new position in Cedar Fair in the first quarter valued at about $257,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its stake in Cedar Fair by 121.9% in the first quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 24,268 shares of the company’s stock valued at $1,017,000 after purchasing an additional 13,332 shares during the last quarter. Finally, HAP Trading LLC purchased a new position in Cedar Fair in the first quarter valued at about $1,329,000. Institutional investors own 64.65% of the company’s stock.

About Cedar Fair

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.