Six Flags Entertainment (FUN) PT Lowered to $49 at Mizuho

Mizuho analyst Ben Chaiken lowered the price target on Six Flags Entertainment (NYSE: FUN) to $49.00 (from $54.00) while maintaining a Outperform rating.

The analyst comments "Legacy FUN: FUN generated EBITDA of $875.3m in ’24, with a $319m contribution from legacy SIX, which implies $556m from legacy FUN. On the surface this is somewhat compelling, compared to the $527m generated by legacy FUN in ’23 (implying 5.5% YoY legacy FUN EBITDA growth, and 101% rev/EBITDA flowthrough). The offset being that FUN highlighted $35m of legacy FUN cost saves, which taken at face value implies that EBITDA would have been flat/down otherwise. Legacy SIX: Legacy SIX generated EBITDA of $430m in ’24, down 6.7% from the prior year, which is essentially the pace it has been running at the entire year. However, FUN implied there were ~$15m of cost saves at legacy SIX, which means the business was down ~10% all else equal."

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