Six Flags Entertainment (SIX) Attendance Dropped Off in September - Jefferies

Jefferies analyst David Katz reiterated a Buy rating and $61.00 price target on Six Flags Entertainment (NYSE: SIX) but noted that third party, third quarter data shows visitation was slightly lower compared to 2019 levels, an easing from the first two months of the quarter.

The analyst stated "Lower visitation levels in September are consistent with other forms of visitation we track in the casino industry. Additionally, TSA traveler throughput figures show that travel was down 24% in September compared to 2019. We also note that several of Six Flags' water parks are now closed for the 2021 season, which impacts results in total. While visitation levels were relatively muted in 3Q21 compared to 2019, we believe the overall execution of the business versus the demand environment in terms of consumer experience delivery, revenue per customer in the near and longterm, and overall profitability are more important." He went on to comment "We expect consensus estimates and
valuation levels to continue revising upward as management executes through the next few quarters. We consider traffic patterns of customers a key element of progress, but we remain focused on other operating elements as well, such as digital engagement, quality of experience, and profitability levels. We believe a meaningful increase in valuation is warranted as these elements evolve."

For an analyst ratings summary and ratings history on Six Flags Entertainment click here. For more ratings news on Six Flags Entertainment click here.

Shares of Six Flags Entertainment closed at $44.32 yesterday.

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