Six Flags downgraded to Neutral from Buy at Citi

• Citi analyst James Hardiman downgraded Six Flags Entertainment (SIX) to Neutral from Buy with a price target of $26, down from $41.
• The analyst is "beginning to see signs of weakness" across the theme park industry, with the month of June "particularly problematic."
• Consensus estimates "would seem to suggest significant risk" to numbers headed into the Q2 earnings season, Hardiman tells investors.
• The analyst cut estimates and downgraded Six Flags pending evidence that the new "Jerry Maguire" strategy is working, "or at least not backfiring."
• Based on his proprietary foot traffic analysis, industrywide foot-traffic appears to have worsened during June, particularly for Six Flags.
• SIX's SA Quant Rating stands with a Hold whereas, Wall St. Analysts Rating says to Buy (9 Very Bullish, 1 Bullish).
• Since the start of 2022, SIX's shares were down around 50%, and over a period of one year, shares were down around 45%.
• Shares are currently -6.69% to $21.89 today.