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Fearless Investor Embraces Great Adventure
CNBC.com | July 17, 2012 | 01:45 PM EDT

As the saying goes, no guts no glory. And at 60 times forward earnings this trade requires guts.

Nonetheless, Oppenheimer chief investment strategist John Stoltzfus is bullish on Six Flags, the owner of Great Adventure and other theme parks around the nation.

In a live interview on CNBC's Fast Money Halftime Report, Stotzfus tells us he isn't bothered by the lofty P/E.

What matters more, he says, is that in a tough economy parents look for small indulgences they can share with their kids. And visiting a theme park fills the bill very nicely. “Instead of taking a vacation (which they might not be able to afford) families spend the day at one of their parks.”

The trend is so pronounced that Stoltzfus doesn't think the Street realizes just how strong park attendance will be. Therefore, he's anticipating stronger than expected earnings - which in turn will drive buyers into the stock. “Despite the P/E I think it has another 10% upside.”

And to make the stock all the more appealing, “the dividend yield is close to 4.5%,” he says. "Fascinating thesis," muses Fast Money trader Guy Adami, Managing Director of stockMONSTER.com. "I have a hard time getting my arms around it but the stock has performed extremely well."

Posted by CNBC's Lee Brodie

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