Six Flags rides higher after UBS starts coverage at "buy', sees 70% upside

Shares of Six Flags Entertainment FUN.N up 3% at $29.14 early Weds, and looking to snap a four-session losing streak, after UBS issues bullish report on the amusement park operator

UBS starts coverage of FUN with 'buy' rating and PT of $49, which is ~73% above stock's last close

FUN shares down sharply from Jan highs reflecting investor concern over consumer health and uncertain economic backdrop, UBS says, noting that the industry is "relatively macro resilient as a more affordable out-of-home entertainment option", especially amid inflationary fears

UBS says FUN likely to beat both its and the Street's EBITDA estimate given upside to rev synergies post merger with Cedar Fair

The analysts say PT based on 8x their anticipated FY26 EBITDA of $1.2 bln

UBS also starts coverage of United Parks & Resorts PRKS.N, formerly SeaWorld Entertainment, at 'neutral'

Even with advance on the session, FUN shares down ~40% YTD