A experience at Six Flags amusement park in Higher Marlboro, MD.Jonathan Newton | The Washington Put up | Getty PicturesSix Flags obtained an excee
A experience at Six Flags amusement park in Higher Marlboro, MD.
Jonathan Newton | The Washington Put up | Getty Pictures
Six Flags obtained an exceedingly uncommon double black eye from the identical analyst because the inventory was downgraded twice in lower than a day by Wells Fargo.
When the closing bell rang on Thursday, Timothy Conder had an obese ranking and a $49 per share value goal on the theme park inventory. Later that night time, Conder downgraded Six Flags to equal weight and reduce the goal value to $42, citing issues concerning the firm’s problem-plagued initiatives in China. He was extra bullish on the corporate’s prospects in america.
“Home power and helpful seasonal smoothing of tiered memberships might be clouded by potential worldwide ‘changes,'” Conder mentioned within the Thursday be aware.
The thought of home power quickly evaporated. Six Flags mentioned on Friday morning that it could report no fourth-quarter income from its Chinese language partnership and that attendance declined 12 months over 12 months in its U.S. parks for the quarter. Conder went again to the drafting board, slashing the worth goal to $38 and downgrading to underweight at roughly 10 a.m. Jap.
After closing at $43.76 per share on the day earlier than, Six Flags plunged practically 18% on Friday and is now buying and selling under Wells Fargo’s newest value goal.
“Primarily based on our revised estimates, the dividend…