UPDATE: Wunderlich Securities Raises PT to $22 on Regal Entertainment Group
Wunderlich Securities increased its price target on Buy-rated Regal Entertainment Group (NYSE: RGC) to $22 from $19 a share as it believes it is currently undervalued.
Wunderlich Securities notes, "We are enthused about the quality and spacing of 2012 theatrical product, even if up 19% ytd box office pacing is not sustainable. Even with premium screens providing an estimated 18%-19% of 2011 ticket sales from 20% in 2010, there is more latitude for a better in-theatre experience that should improve consumer value perception, as exemplified by higher resolution and frame rates this Christmas for the 3D Hobbit experience from director Peter Jackson."
RGC closed at $13.05 a share on Monday.
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