Cedar Fair price target lowered to $42 from $46 at Truist

Truist analyst Michael Swartz lowered the firm’s price target on Cedar Fair to $42 from $46 and keeps a Buy rating on the shares as part of a broader research note on Theme Parks heading into a “rocky” Q3 earnings season. The analyst states that demand was “persistently sluggish” throughout the quarter, and while the unfavorable weather was a headwind, this will do little to allay concerns around pricing and demand elasticity in the near term. The firm adds however that given the overly dour sentiment, the signs of stabilizing/improving trends into mid-October, and with operators likely to take a more strategic pricing stance into FY24 that will reprioritize growing attendance, Truist also sees a “more compelling” tactical setup for the group.