Morgan Stanley analyst Thomas Yeh downgraded SeaWorld to Equal Weight from Overweight with a price target of $57, down from $60. The analyst remains bullish on U.S. regional theme parks shares at current levels, with a view that industry revenue growth accelerates in 2024 and drives outperformance amid macro concerns. However, the firm downgraded SeaWorld on local competitive risks. Morgan Stanley remains constructive on SeaWorld’s ability to benefit from an attractive and growing Orlando market, but says rising competitive offerings from both Universal and Disney could create near-term risks to estimates.
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Read More on SEAS:
- SeaWorld price target raised to $58 from $55 at Truist
- SeaWorld price target lowered to $67 from $73 at Stifel
- SeaWorld Entertainment, Inc. Reports Third Quarter and First Nine Months 2023 Results
- SeaWorld says 2024 revenue bookings trending up double-digit percentage
- SeaWorld reports Q3 EPS $1.92, consensus $1.94
