UBS initiated coverage of United Parks & Resorts (PRKS) with a Neutral rating and $49 price target. The firm prefers shares of Six Flags Entertainment (FUN) in the theme park space. The firm cites macroeconomic uncertainty and its belief that competitive dynamics in Florida with the opening of Epic Universe could impact United Parks’ visitation by 3%-4% for the Neutral rating. Its more cautious view of United Parks is based on expectations of EBITDA declines for this year versus Street expectations of growth.
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