Truist upgrades Six Flags to Buy on ‘promising’ new CEO

Truist upgraded Six Flags (FUN) to Buy from Hold with a price target of $23, down from $27. The firm says the company’s new CEO “sounds promising” and brings a greater sense of urgency to unload underperforming parks. Meanwhile, “reputable” media reports indicate interest in Six Flags from multiple private equity firms and Truist likes that the company is working with, as opposed to against, activist investors, the analyst tells investors in a research note. The firm does not see a bankruptcy for Six Flags, at least in the near- to mid-term.