Morgan Stanley raised the firm’s price target on Cedar Fair (FUN) to $65 from $55 and keeps an Overweight rating on the shares as the firm published a new pro forma Six Flags (SIX) model with the closing of the companies’ merger. The firm, which says it remains “bullish on NewCo,” also views the former Cedar Fair’s conversion from an MLP to C-Corp as a positive catalyst, the analyst tells investors. The firm sees a high-single digit compound annual growth rate in pro forma EBITDA through FY27, the analyst noted.
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Read More on FUN:
- Cedar Fair and Six Flags satisfy regulatory conditions for announced merger
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- Cedar Fair price target raised to $35 from $31 at B. Riley
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