Six Flags Entertainment price target lowered to $42 from $58 at Jefferies

Jefferies analyst David Katz lowered the firm’s price target on Six Flags Entertainment (FUN) to $42 from $58 and keeps a Buy rating on the shares. The firm adjusted its near-term estimates, with Q1 moving lower and Q2 moving higher, as Six Flags moves its Boysenberry festival at Knotts to Q2 versus Q1 last year. Additionally, the company has made near-term investments in legacy assets to prepare them for the Q2 opening, which should act as a headwind to Q1 and a tailwind to Q2, the analyst tells investors in a research note. Jefferies says that despite the “low visibility macro” environment, it believes the long-term transition in Six Flags “bears value.”