Summer is on the way and after two years of observing COVID-19 safety protocols, people are ready to cut loose. While inflation or geopolitical concerns appear to have offset coronavirus concerns, the fact remains that more people will be leaving their homes this summer in search of entertainment and relaxation.
Wall Street brokerage Rosenblatt issued a few calls on Tuesday morning, with a focus on entertainment and leisure stocks. Although not all the calls are positive, the firm is still largely bullish on the industry.
Again, while headwinds have put a damper on the markets in general, Rosenblatt believes that a couple of these stocks could provide solid upside for the time being. As pandemic concerns appear to have abated, these industries that were most hurt by the spread of the coronavirus could stand to benefit from a strong summer season.
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
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Liberty Braves
Liberty Braves Group (NASDAQ: BATRK) may not be a household name, but it is the publicly traded company that owns the Atlanta Braves. After a lucky World Series win last year, fans more than likely will be visiting the ballpark more to see if they can do it again. Rosenblatt initiated coverage with a Buy rating and a $35 price target, which implies upside of 34% from the most recent closing price of $26.08.
The stock was trading up around $26 Tuesday morning, and it has a 52-week range of $24.17 to $31.27. Liberty Braves stock is down around 7% year to date.
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Live Nation
Rosenblatt started coverage of Live Nation Entertainment Inc. (NYSE: LYV | LYV Price Prediction) with a Buy rating and a $138 price target. This target implies upside of roughly 26% from the most recent closing price of $109.68. This company runs concerts and ticketing for shows across the United States and internationally. The firm both owns and leases venues for its shows, and it did this for 165 different venues in the United States and 94 venues abroad.
Live Nation stock has a 52-week trading range of $74.01 to $127.75, and it traded near $108 on Tuesday. Shares are down over 8% year to date.
Formula One Group
Formula One Group (NASDAQ: FWONK) engages in motorsports in both the United States and internationally. It owns the commercial rights for the world championship, which is a nine-month-long motor race-based competition. The company is a subsidiary of Liberty Media. Rosenblatt initiated coverage with a Buy rating and an $81 price target, implying upside of 21% from the most recent closing price of $66.63.
The stock was trading at around $65 on Tuesday, and it has a 52-week trading range of $42.84 to $71.17. Formula One stock is up over 5% year to date.
Cedar Fair
Rosenblatt started coverage of Cedar Fair L.P. (NYSE: FUN) with a Neutral rating and a $56 price target. This firm operates a series of amusement parks and water parks across North America. It also operates complimentary resort facilities. As of the end of 2021, the company operated 13 amusement parks.
The stock was trading at around $55 Tuesday morning, and it has a 52-week range of $39.15 to $62.56. The stock is up about 12% year to date.
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SeaWorld
SeaWorld Entertainment Inc. (NYSE: SEAS) operates a series of theme parks and water parks across the United States. Currently it operates a portfolio of 12 theme parks under multiple banners. Rosenblatt initiated coverage with a Buy rating and a $92 price target. This target implies significant upside of 23% from the most recent closing price of $74.42
SeaWorld stock has a 52-week trading range of $41.94 to $76.57, and it traded near $72 on Tuesday. Shares are up nearly 15% year to date.
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Six Flags
Rosenblatt started coverage of Six Flags Entertainment Corp. (NYSE: SIX) with a Buy rating and a $56 price target, which implies upside of 34% from the most recent closing price of $41.72. This company operates theme parks and water parks. Currently, Six Flags operates 27 parks across North America.
The stock was trading at around $41 on Tuesday, and it has a 52-week trading range of $35.75 to $50.07. Six Flags stock is down 2% year to date.
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