B. Riley FBR analyst Eric Wold believes Six Flags Entertainment's (SIX) reported interest in Cedar Fair (FUN) "plays extremely well" within his positive thesis around the Regional Theme Park sector. The analyst says that if Six Flags has the opportunity to acquire the Cedar Fair portfolio of parks, he would view the deal positively on a strategic basis. Further, with minimal regional overlap between the companies' park portfolios, there is minimal risk of any major divestiture requirements by the Department of Justice, Wold tells investors in a research note. With Six Flags driving ~64% of its annual attendance from its season passes and membership plans, versus ~50% for Cedar Fair, the analyst sees an opportunity for Six Flags to implement additional season pass/membership best practices on the Cedar park portfolio. Should Six Flags be willing to sacrifice near-term accretion for long-term strategic value, Cedar Fun could be valued at $73-$78 per share in a deal prior to any value from synergies. However, since every $50M in potential cost synergies could potentially drive another ~$10 in value for Cedar Fun shares, its potential valuation could be "well in excess" of the $73-$78 per share range in a buyout, argues Wold. He keeps a Buy rating on both stocks. Cedar Fair closed yesterday up $1.52 to $59.72.