Six Flags downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Six Flags (SIX) to Hold from Buy with a price target of $27, down from $29. The firm says the downgrade is “more mechanical than tactical in nature.” It continues to have confidence that the planned merger with Cedar Fair (FUN) will be consummated, but the latter is its preferred way to gain access to the anticipated benefits of the transaction. The analyst further expects that upside in shares of Cedar Fair is more likely to be realized in months following the merger, as assumed synergies and de-leveraging should come to fruition.