A KeyBanc Capital Markets analyst downgraded Cedar Fair LP to "Hold" from "Buy" on Friday, saying the amusement park operator would continue to be hurt by a soft economy and bad weather.
Analyst Scott Hamann said that the company's recent performance does not bode well for near-term improvement. Hamman said the company's July and August attendance suffered from lower temperatures and higher-than-average rainfall. Those two months together account for about 50 percent of annual revenue and profit, the analyst said.
"Further, we believe that average in-park guest per capita revenue may be pressured as management has implemented various temporary admissions discounts in recent weeks," Hamman told investors in a note.
"We believe it would be difficult to make up much ground at this point," he said.