Morgan Stanley initiated coverage of SeaWorld with an Overweight rating and $70 price target. The regional theme parks are "high-return businesses" with double-digit levered free cash flow per share growth, says the analyst, who sees an attractive risk/reward skew among the group with valuation "well below pre-pandemic levels, even relative to other consumer sectors." The firm’s bullish industry view is based on unique brands, high barriers to entry, and complementary footprints, the analyst added.
Published first on TheFly
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