UPDATE: Miller Tabak Raises PT to $70 on Six Flags on Recapitalization and Buyback

Miller Tabak reiterated its Buy rating on Six Flags

and raised its price target to $70. Miller Tabak noted, "We continue think that Six Flags can conservatively trade at a 7.0% free cash flow yield given the stability of the company's cash flows, management's priority of returning cash to shareholders, and expectations of a continued low interest rate environment. As shown below, assuming a 7.0% free cash flow yield and adding the expected $3.60 of FY 2013 dividends to our price target generates our estimated total return of approximately $70.00 per share. Six Flags closed at $62.71 on Tuesday.