Citi analyst James Hardiman raised the firm’s price target on Six Flags to $38 from $31 and keeps a Buy rating on the shares. Six Flags (SIX) and Cedar Fair (FUN) expect their merger to close on July 1 and the common stock of the combined company is expected to begin trading as early as July 2, the analyst tells investors in a research note. Despite the rally in the shares of both since the deal announcement in November 2023, the firm continues to see meaningful upside potential from this combination. It creates a regional theme park “power with a best-in-breed management team and meaningful synergies; and a company that is meaningfully more liquid and investable than either stand-alone entity,” Citi contends. The firm believes the combined company will be one of the more compelling ideas across consumer and leisure space.
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