Six Flags downgraded to Neutral from Buy at Rosenblatt

Rosenblatt analyst Barton Crockett downgraded Six Flags Entertainment (SIX) to Neutral from Buy with a price target of $25, down from $32. The market is “reasonably acting” as if the announced merger of regional theme park leader Six Flags with Cedar Fair (FUN) is highly likely to go through, the analyst tells investors in a research note. The firm agrees and downgraded Six Flags in anticipation of the merger completing. While the deal looks reasonable and features modest synergy objectives, it also has the impact of downplaying and sharing the Six Flags turnaround potential with Cedar Fair, Rosenblatt adds.