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Can a merger of Six Flags and Cedar Fair give the amusement park operators a boost against much bigger, deeper-pocketed rivals at Disney and Universal?

Amusement park operators Six Flags Entertainment and Cedar Fair said they have received a request for additional information and documents from the U.S. Department of Justice (DOJ), which is reviewing a merger of the two companies.

FUN and SIX are merging. Their joint Form S-4 proxy statement reveals management is targeting $1.5 billion of EBITDA in three years. A failed transformation at SIX, and lackluster performance at FUN, has left investors disenchanted, but a turnaround is imminent. Monthly third-party data, balance sheet analysis, and management commentary is supportive of three key catalysts resulting in a material positive inflection in EBITDA in ‘24/'25.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Cedar Fair, L.P. (FUN) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Six Flags Entertainment (NYSE:SIX)'s merger with Cedar Fair (NYSE:FUN) materially increases value for shareholders, analysts at Jefferies said as they awarded the company with a ‘Buy' rating, from ‘Hold'. What's more, they raised their price target on Six Flags to $32 from $25, saying “the pro forma math is compelling.

Six Flags and Cedar Fair announced a merger of equals earlier this year, expected to close in the first half of 2024. SeaWorld posted its worst quarter since 2020 on Wednesday.

David Katz, Jefferies Equity analyst, joins 'Power Lunch' to discuss theme parks after Six Flags announced its merger with Cedar Fair.

Cedar Fair, L.P. (NYSE:FUN ) Six Flags Mergers of Equals Conference Call November 2, 2023 8:30 AM ET Company Participants Michael Russell - Corporate Director, Investor Relations Selim Bassoul - Chief Executive Officer, Six Flags Richard Zimmerman - Chief Executive Officer, Cedar Fair Brain Witherow - Chief Financial Officer, Cedar Fair Gary Mick - Chief Financial Officer, Six Flags Conference Call Participants Steven Wieczynski - Stifel Thomas Yeh - Morgan Stanley James Hardiman - Citigroup Ian Zaffino - Oppenheimer Chris Woronka - Deutsche Bank Michael Swartz - Truist Barton Crockett - Rosenblatt Securities Paul Golding - Macquarie Robert Aurand - KeyBanc Capital Markets Operator Hello, everyone and welcome to today's Conference Call on Cedar Fair and Six Flags to combine in Merger of Equals creating a leading amusement park operator.