Goldman Sachs downgraded United Parks & Resorts (PRKS) to Neutral from Buy with a price target of $53, down from $63. The stock outperformed on the day, driven by a much faster than expected buyback and July trends, which were “a little better than expected”, but the firm is cautious on the outlook for the second half and believes that achieving the guidance for record EBITDA in 2024 will prove to be a challenge, the analyst tells investors in a research note. The firm further warns that concerns around Orlando softness noted by Comcast (CMCSA) and Disney (DIS) may spread to United Parks & Resorts.
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