UPDATE: Miller Tabak Upgrades Lionsgate to Buy

Miller Tabak raises its rating on Lionsgate Entertainment (NYSE: LGF) to Buy from Neutral and increases its price target to $14 from $12 on long-term FCF growth.

Miller Tabak says, "We are upgrading our recommendation on Lionsgate Entertainment to Buy from Neutral and increasing our target to $14 from $12 on continued strong investor sentiment toward the improved Free Cash Flow outlook as a result of the recent Summit acquisition and the upcoming Hunger Games theatrical release, which has already been slated by LGF to release a sequel in Nov. 2013. LGF stock did not consolidated post-3Q earnings release as we had expected, but we believe there is more upside in the stock particularly in the near-term with enthusiasm for new releases."

LGF closed at $12.31 a share on Tuesday.