Six Flags upgraded to Buy at B. Riley on benefits from merger

As previously reported, B. Riley analyst Eric Wold upgraded Six Flags (SIX) to Buy from Neutral with a price target of $30, up from $24, after the company reported “mixed” Q3 results and announced a merger of equals with Cedar Fair (FUN). Even before any potential revenue or cost synergies following the proposed merger, the firm continues to believe that Six Flags is well positioned to benefit from improving attendance trends in the years ahead. While lowering estimates to be “increasingly conservative into the merger,” the firm is positive on the merger as an opportunity to drive shareholder value, the analyst tells investors.