Stifel Nicolaus Maintains Buy, $23 Target on Cinemark

Stifel Nicolaus reiterates its Buy rating and $23 target on Cinemark Holdings, Inc. (NYSE: CNK) but lowers estimates for 4Q11 as sluggishness at box offices continues.

Stifel says, “We are lowering our Cinemark 4Q11 domestic box office estimate from +10% to 0% as the box office QTD is -8.3%. Domestically we are estimating a 1% ticket price increase and a 1% attendance decrease with Cinemark outperforming the domestic industry benchmark. Internationally, so far the Brazilian box office is -21% (-29% in USD) while the Mexican box office is +30% in local currency and +17% in USD. “

CNK closed at $19.92 per share on Thursday.