B. Riley downgraded Six Flags Entertainment (SIX) to Neutral from Buy with an unchanged price target of $30. This downgrade is not due to any change in views around the positive merits of the proposed merger between Cedar Fair (FUN) and Six Flags, but it does reflect the continued risks around regulatory approval, the analyst tells investors in a research note. The firm says relative risk-adjusted upside favors Cedar Fair at current levels relative to Six Flags. Riley believes Cedar Fair provides a more attractive entry point if the proposed merger is ultimately completed, “but especially if it is not approved.”
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