UPDATE: J.P. Morgan Raising Price Target On Cinemark

J.P. Morgan Chase & Co. is out with a research report on Cinemark (NYSE: CNK) and is raising its price target to $29 from $27, and is reiterating its Overweight rating.

In a note to clients, J.P. Morgan Chase & Co. writes, "We are adding Cinemark (CNK) to the J.P. Morgan Analyst Focus List. Against the backdrop of a choppy market, Cinemark stands out as a great defensive play with both attractive growth that is not negatively impacted by the economic cycle and a high dividend yield. The stock is trading at 6.1x our 2012 adj. EBITDA estimate or 12.1x EPS with a dividend yield of 4.3%."

Shares of CNK gained 24 cents on Friday to close at $19.71.