Janney Montgomery Scott Remains bullish on Six Flags Entertainment (SIX)
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Six Flags Entertainment (SIX): Good Business Bad Weather - Janney
- Jefferies Raises Price Target on Planet Fitness (PLNT) Following Solid 3Q
- Six Flags Magic Mountain Lights Up the Season Even Brighter This Year For HOLIDAY IN THE PARK®
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesJanney Montgomery Scott
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!