UPDATE: Piper Jaffray Raising Price target On Cinemark Holdings Inc. (CNK)
Piper Jaffray is raising its price target on shares of Cinemark Holdings Inc. (NYSE: CNK) to $24 from $22, and it's keeping its Overweight rating on shares.
In a note to clients, Piper Jaffray writes, "Based on our 1Q11 industry box office revisions (for additional details please see today's industry note "Revising Exhibitor Estimates Based on Recent Box Office Weakness"), we are lowering our 1Q11 estimates for Cinemark Holdings. However, based on 3D box office growth, increased interest in premium theatrical experiences and strong international theatre attendance and pricing growth trends we are increasing our price target to $24 from $22. We believe investors should look past current box office weakness and continue to build positions ahead of a robust 2011 slate."
Shares of CNK gained 19 cents yesterday to close at $20.17, a gain of 0.85%.
