Stifel lowered the firm’s price target on Cedar Fair (FUN) to $49 from $51 and keeps a Buy rating on the shares. Three weeks after Six Flags (SIX) and Cedar Fair announced they were combining in a merger of equals, the firm provided updated thoughts on the combined company, assuming the deal closes, and made adjustments to both its models and updated price targets for each. The firm, which believes the deal will get done in its current proposed form, sees “significantly more value in owning shares” of Six versus Cedar and believes the current risk/reward in Six shares is “overly compelling” based on current trading levels, the analyst tells investors.
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