UPDATE: Hudson Square Research Lowers National CineMedia's PT

According to a research report published this morning, Hudson Square Research has decreased National CineMedia's

PT from $26 to $23. In the report, Hudson Square Research commented, "On 5.3.12 NCM reported a solid 1Q12 while providing soft guidance for 2Q, we remain optimistic for the balance of the year. 1Q12 revenue of $79.1M was $5.2M better and adj. EBITDA of $24.8M was $3.2M better than expected. With interest expense $2M higher, LPS of ($0.02) was equal to our forecast. Management guided to 4%-8% lower 2Q12 revenue Y/Y against tough comps and some commitments slipping into 2H12." Hudson Square Research maintains its Buy rating on National CineMedia.