12:45 AM EST, 03/04/2024 (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 keep our 12-month price target of $30 on 2024 EV/EBITDA of 9.0x, below SIX's 5-year average forward EV/EBTIDA, justified by the proposed merger with Cedar Fair (FUN 42 NR). We lower our 2024 EPS to $1.87 from $2.21 and initiate 2025's at $2.20. SIX posts Q4 EPS of $0.05, $0.23 below consensus. Revenue of $293M (+4.5% Y/Y) was $5M below consensus. Adj-EBITDA fell 0.8% Y/Y to $98M, with margin contracting to 33.6% vs. 35.2% consensus. Q4 attendance rose 9% Y/Y to 22.2M. Total guest spending per capita was down 5%, with Admission spending per capita and In-park spending per capita down 7% and 1%, respectively. Despite underwhelming Q4 results, SIX's proposed merger with Cedar Fair remains on track, with a shareholder vote scheduled for March 12 with an expected closing in 1H 2024. We're also positive about signs that SIX's premiumization strategy is gaining interest from families and multigenerational groups, while its 2024 season pass sales are up double digits in both units and pricing through January.