Six Flags Entertainment (SIX) PT Raised to $61 at Jefferies After EBITDA Beats by >100%
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Jefferies analyst Tyler Batory raised the price target on Six Flags Entertainment (NYSE: SIX) to $61.00 (from $59.00) after the company reported revenues of $459.8MM, above the $376.3MM estimate, and well above Street's $332.2MM. Adj. EBITDA was $170.4MM vs consensus of $65.2MM as attendance for the quarter was 8.5MM YoY, ahead of the Street's 7.2MM. Total spend-per-capita was $51.94, versus expectations for $48.75.
The analyst reiterated a Buy rating, stating "The quarter was broadly as expected with strong, accelerating trends in 2Q21, reiterated notional guidance and clarity around the retooling of the business. As with other leisure names, the remainder of 2021 bears less certainty although the retooling of the operating platform provides optimism beyond the recovery for 2022 and 2023 that should result in estimates progressing higher."
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