UPDATE: Piper Jaffray Downgrades RGC, CKEC to Neutral

Piper Jaffray has downgraded several companies in the entertainment sector, citing the reasons as, "Our downgrade is based on increasing concerns about box office weakness led by poor scheduling, over-reliance on sequels and underwhelming release schedules. We feel that domestic pure play RGC is most at risk here and we would advise investors to move to the sidelines until box office trends stabilize. We are revising our 2012 box office assumptions lower to -2.6% from -0.7%, as we expect the weakness to spill into 2012."

Companies related to this report include:

Regal Entertainment Group (NYSE: RGC) from Overweight to Neutral, PT lowered from $18 to $15

Carmike Cinemas (NASDAQ: CKEC) from Overweight to Neutral, PT lowered from $16 to $10