Oppenheimer raised its price target on Six Flags Entertainment Corporation (NYSE:SIX) to $30 from $27 as the recent progress should limit a portion of the downside risk.
The analysts believe Q4/22 trends have improved markedly quarter over quarter, although the company remains deep in the midst of its turnaround. The company has significantly increased marketing dollars, reintroduced all-season dining, and lowered ticket prices by approximately 20% quarter-over-quarter.
The company has also been aggressive on the cost front (headcount, seasonal labor, purchasing) and eliminated Holiday In the Park at five break-even (EBITDA) parks.