The recent bullish stance on Six Flags Entertainment Corp stock was taken by the KeyBanc Capital Market, based on expectations for attendance trends, that come in better than expected in 2Q (second quarter).
An analysts Brett Andress, KeyBanc Capital Market has upgraded the Six Flags Entertainment Corp from “Sector Weight” to “Outperform” with a new price target of $62 price target.
KeyBanc’s propriety “Key First Look” credit and debit card data suggests that the Six Flags will rise by a total of 8% in second quarter, Andress said in the Sunday upgrade note.
The analyst said that this also compares to a prior growth estimate of 4% and the Street’s consensus estimate of 6%.
The research firm’s data suggests after breaking down the data into core attendance versus the parks that were acquired by the company, “core attendance” growth of 4% that may prove to be conservative, he said.
Six Flags Entertainment Corp will be up against the easier weather compares, as last year’s weather in the 3Q (third quarter) had an impact of almost the 500,000 potential guests, Andress said. This supports that the SIX stock near-term setup, the analyst said.
Six Flags Entertainment Corp shares were up 4.57% at $52.06 before the close on Monday.