TSC Downgrades FUN

...We've downgraded Cedar Fair(FUN Quote - Cramer on FUN - Stock Picks), which owns and operates amusement and water parks, from hold to sell. This rating is driven by the company's generally disappointing historical performance in the stock itself, unimpressive growth in net income, generally weak debt management, weak operating cash flow and poor profit margins. Net income fell from -$9 million in the year-ago quarter to -$56.8 million in the most recent quarter. The 16.2 debt-to-equity ratio is above the industry average, and the 0.2 quick ratio implies that the company might have difficulty covering short-term cash needs. Net operating cash flow fell to -$33.6 million. Cedar Fair's gross profit margin of 31.3% is lower than desirable, but it has increased from the year-ago quarter. The net profit margin of -47.6% underperformed the industry average.

Shares have fallen 57.4% over the past year, underperforming the S&P 500, and EPS are also down compared with the year-earlier quarter. Despite the heavy decline in its share price, this stock is still more expensive (when compared to its current earnings) than most other companies in its industry....

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