Citi analysts downgraded Cedar Fair (NYSE:FUN) to Neutral from Buy and cut their price target to $41.00 from $50.00 due to disappointing visitation trends and the threat of another miss on the attendance line in Q2.

The analysts had previously believed that regional theme parks, while facing pressure from low-to-middle-income consumers due to inflation, should see a benefit as more affluent consumers would trade down and choose less expensive destination vacations. However, while the former trend seems to have played out, there have been no offsetting trade downs, resulting in underwhelming visitation trends.

Despite liking the management team, appreciating the assets, and believing in the long-term opportunity, the analysts have chosen to go to the sidelines until expectations better align with the lackluster trends expected in late spring and early summer.