Six Flags price target lowered to $28 from $31 at KeyBanc

KeyBanc lowered the firm’s price target on Six Flags (SIX) to $28 from $31 and keeps an Overweight rating on the shares. The firm comes away from Six Flags and Cedar Fair’s (FUN) announced merger of equals mixed on the potential implications. KeyBanc sees merits to the combined company with expected cost savings appearing reasonable and the larger, more geographically diverse company better positioned to face potential challenges. That said, the firm acknowledges the deal adds a layer of complexity and uncertainty to names that have been show-me stories.