Six Flags rises as Truist upgrades rating to 'buy'

Shares of amusement park operator Six Flags Entertainment Corp FUN.N rise nearly 5% to about $15.6 premarket

Truist Securities upgrades FUN's rating to "buy" from "hold", cuts PT to $23 from $27

New PT still represents a 54.7% upside to the stock's last close

"New CEO, with significant experience in theme park operations, sounds promising" - brokerage

FUN recently named John Reilly, who has three decades of experience in the amusement and recreation industry, as CEO

Truist says there is "no denying FUN has issues", but doesn't expect bankruptcy in the near or mid-terms as some in the media have suggested

Eleven of 16 brokerages rate the stock "buy" or higher, four "hold" and one "sell"; their median PT is $25; according to data compiled by LSEG

As of last close, shares down 69.1% YTD