Six Flags downgraded to Hold at Jefferies ahead of ‘transition’ Q3

As previously reported, Jefferies analyst David Katz downgraded Six Flags to Hold from Buy with a price target of $24, down from $32. He believes "a more conservative approach is warranted" based on the increasingly negative economic outlook and his expectations for a "transition" Q3, Katz tells investors. Though the multiple remains "historically low" and he believes long-term upside is still possible, near-term earnings power is challenged as the prospects for a recession impacting growth in 2023 drives his revision to "below-consensus estimates," Katz said.