In a report released today, Eric Wold from B.Riley FBR reiterated a Buy rating on Six Flags (SIX), with a price target of $70. The company’s shares closed last Monday at $57.53.
Wold said:
“Earlier this week, we met with members of the Six Flags Entertainment (SIX) management team at the company’s headquarters in Grand Prairie, TX. Following the upside 2Q19 results reported on 7/24, we came away from our meeting with increased optimism around the set-up for SIX shares over the next 6-12 months given the combination of easier weather comparisons through at least summer 2020, improving membership uptake tailwinds beginning in 2Q/3Q, and a more disciplined focus on capital deployment. We believe SIX shares are attractive at current levels and are reiterating our Buy rating and raising our PT from $64 to $70 (with increased confidence in shifting our unchanged target multiple to our 2020 AEBITDA estimate).”
According to TipRanks.com, Wold has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.3% and a 33.3% success rate. Wold covers the Services sector, focusing on stocks such as Cinemark Holdings Inc, National Cinemedia, and AMC Entertainment.
Currently, the analyst consensus on Six Flags is a Strong Buy with an average price target of $61.20.
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Based on Six Flags’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $79.52 million. In comparison, last year the company had a net profit of $74.5 million.
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Six Flags Entertainment Corp. engages in operating of theme parks. It operates under the brand name Six Flags, which offers state-of-the-art and traditional thrill rides, water attractions, themed areas, concerts and shows, restaurants, game venues, and retail outlets. The company was founded by Angus Wynne in 1961 and is headquartered in Grand Prairie, TX.
