Macquarie notes United Parks & Resorts (PRKS) delivered mixed metrics in Q4, with group/international and weather headwinds, while in-park continues to shine. Management illustrated a clear path for adjusted EBITDA of $1B if International & Group reflate, plus cost controls, pricing, and weather contribute, Macquarie adds. The firm believes United Parks & Resorts continues to deliver best-in-class performance among regionals, but says Cedar Fair (FUN) + Six Flags (SIX) combination could mean a compelling pass alternative. Macquarie has an Outperform rating on United Parks & Resorts with a price target of $70.
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