UPDATE: Bank of America Initiates Coverage on ClubCorp on Market Leader Position

In a report published Tuesday, Bank of America analyst Shaun C. Kelley initiated coverage on ClubCorp Holdings (NYSE: MYCC) with a Buy rating and $18.00 price target.

In the report, Bank of America noted, “ClubCorp (ticker MYCC) is the largest owner/operator of private golf and country clubs in the U.S. (104 clubs; own 81 fee simple) and also owns 44 business, sports and alumni clubs globally. MYCC offers a solid value proposition for its members, and we believe MYCC's stable organic growth, disciplined investment spend, acquisition opportunities and reasonable valuation creates a compelling investment opportunity. We initiate coverage with a Buy rating and $18 PO.”

ClubCorp Holdings closed on Monday at $14.41.