Wells Fargo analyst Timothy Conder maintained an Underweight rating on Six Flags Entertainment (SIX) and lowered his price target on shares to $30 from $38. The analyst said management's FY20 guidance de-risked shares significantly, but he sees minimal catalysts before the May28 investor meeting, and believes that short-term, "bulls will be disappointed" as it will take until at least mid-2021 for "strategy benefits to initially materialize post implementation" and higher opex levels will likely remain very "sticky" until 2022. Conder also does not think Six Flags will enter into a material real estate sale/leaseback transaction, which he noted some bulls believe will happen at the May 28 investor meeting.