Macquarie analyst Matthew Brooks downgraded Six Flags to Underperform and slashed its price target to $40 from $64. The analyst is concerned about increasing competition that is scheduled to come online in 2019, the American Dream project in New Jersey, Legoland in New York, and Grand Texas Theme Park, The last two could be headwinds for 35% of Six Flags' visits and Brooks believes further capital could be attracted to the sector given Six Flags' high margins. The analyst also sees further issues with existing joint-ventures from Fed rate hikes that cause capital outflows from emerging markets, and tightening lending standards that make it harder to develop capital intensive theme parks.