UPDATE: Piper Jaffray Upgrades Carmike Cinemas

According to a research report published today, Piper Jaffray has upgraded Carmike Cinemas Inc.

from Neutral to Overweight, and established PT at $10. Piper Jaffray said in the report, “We are revising our 2012 box office assumptions higher to +6.7% from +1.8%, as we expect the momentum of Q1 to spill into the rest of 2012. We believe CKEC, as a domestic pure play, is well positioned to benefit from the turnaround in box office trends. We see upward earnings revisions and reasonable valuations supporting higher stock prices and within this context we are upgrading CKEC from Neutral to Overweight.” Carmike Cinemas closed yesterday at $7.96.