Wedbush Remains Neutral, Raises PT on Cinemark

In a report issued earlier today, Wedbush Securities maintained its Neutral rating on Cinemark Holdings, Inc.

, but raised its price target from $22 to $24. Wedbush said in the report that “Final Q1 domestic box office results were well above our expectations. Q1 box office increased 23.6% year-over-year according to boxofficemojo.com. After raising our growth estimate for domestic admissions revenue per average screen (our proxy for domestic box office growth), our Q1 revenue estimate goes to $575million from $535 million compared to consensus of $554 million. Our Q1 EPS estimate goes to $0.34 from $0.24 compared to consensus of $0.29. We believe consensus does not yet reflect the final box office.” Cinemark Holdings, Inc. closed yesterday at $21.85.