04:00 AM EDT, 05/13/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target price to $32 from $30 on 2024 EV/EBITDA of 10.4x, below SIX's 5-year average forward EV/EBITDA of 15.9x, justified by the proposed merger with Cedar Fair (FUN 45 NR). We lower our 2024 EPS to $1.72 from $1.87 and 2025's to $2.10 from $2.20. SIX posts Q1 EPS of ($0.93), $0.02 above consensus. Revenue of $133M (-6.3% Y/Y) was $3M below consensus. Adj-EBITDA fell to ($26.4M) vs. ($25.4M) consensus. Q1 attendance rose 6% Y/Y to 1.7M. Total guest spending per capita decreased 8% Y/Y to $74.35, along with Admission spending per capita and In-park spending per capita, which fell 12% Y/Y and 2% Y/Y, respectively. Although Q1 results were somewhat lackluster, leading indicators give us plenty of reasons to remain optimistic. Through April, total pass sales are ahead of last year by double digits, with an increase in both units and average pass price. We also note that SIX is selling a higher mix of Diamond and Platinum passes, while its proposed merger with Cedar Fair remains on track.