Janney Montgomery Scott Remains bullish on Six Flags Entertainment (SIX)
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Janney Montgomery Scott reiterated a Buy rating and $64.00 price target on Six Flags Entertainment (NYSE: SIX) after adjusting estimates due to poor summer weather. EBITDA estimates were cut by $20M in 3Q. Attendance estimate were reduced by 500K to 1% YoY growth, which compares to FUN which was trending down YoY for 3Q.
Analyst Tyler Batory commented, "We are updating our estimates for SIX to reflect poor summer weather. We have lowered our 2016 EBITDA by $20M and our 2017 EBITDA by $8M. This reflects our view that the issues impacting 2016 are transitory and there should be pent up demand in 2017. We continue to like the LT story for SIX and think there is still upside to pricing, season pass sales, and F&B revenue. We think 4Q16/1Q17 will show the underlying business remains strong, while FY17 should benefit from ~$18M of incremental international EBITDA. Our FV remains $64, which is 13x our 2017 EBITDA."
Shares of Six Flags Entertainment closed at $51.93 yesterday.
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