Citi analyst James Hardiman downgraded Six Flags Entertainment to Neutral from Buy with a price target of $26, down from $41. The analyst is “beginning to see signs of weakness” across the theme park industry, with the month of June “particularly problematic.” Consensus estimates “would seem to suggest significant risk” to numbers headed into the Q2 earnings season, Hardiman tells investors in a research note. The analyst cut estimates and downgraded Six Flags pending evidence that the new “Jerry Maguire” strategy is working, “or at least not backfiring.” Based on his proprietary foot traffic analysis, industrywide foot-traffic appears to have worsened during June, particularly for Six Flags.
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