Cedar Fair initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Cedar Fair (FUN) with an Outperform rating and $49 price target. The analyst views Cedar Fair as “interesting investment opportunity” into the merger with Six Flags (SIX). The merger should deliver meaningful synergies, and provide additional upside through operational improvements, the analyst tells investors in a research note. The firm says the “transformational deal” will make Cedar Fair the largest regional theme park operator in North America while the elimination of the master limited structure should help broaden the shareholder base.