Citi upgraded Six Flags to Buy from Neutral with a price target of $26, up from $24. The analyst sees “solid value” from Cedar Fair and Six Flags on a standalone basis exiting the 2023 season and “significant additional value” from a potential merger of equals. Citi is “pleasantly surprised” with the magnitude of the projected merger synergies. It believes the merger unlocks significant value and upgraded both companies to Buy.
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