Oppenheimer raised the firm’s price target on Six Flags Entertainment to $67 from $49 and keeps an Outperform rating on the shares following completion of the Six Flags merger. The firm remains bullish on Six Flags, based on the belief that the legacy Six Flags assets have “meaningful upside potential that can be achieved under the seasoned Cedar Fair management team.” Cost synergies of $120M appear reasonable and have already been partially realized, the analyst tells investors in a research note. Opco believes legacy Cedar Fair has had a successful start to the season pass selling season and weather has been favorable, while the legacy Six Flags’ pricing remains positive.
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