UPDATE: Oppenheimer Raises PT to $55 on Six Flags Entertainment on Potential Sale of Equity Stake in Production Company

Oppenheimer reiterates its Outperform rating on Six Flags Entertainment SIX and raises its price target from $50 to $55. Oppenheimer comments, "Dick Clark Productions (DCP) could be up for sale, according to the New York Times. We believe SIX would look to monetize its 39.2% stake in the production company, which we conservatively estimate could be worth $35M, or $0.65/share. Further, we raise our price target to $55, from $50, owing to the possibility SIX can reach its Project 500 goal before the original target date of 2015." SIX closed at $49.95 on Wednesday.