UPDATE: Imperial Capital Downgrades National CineMedia; Lowers PT

According to a research report published this morning, Imperial Capital has downgraded National CineMedia NCMI from Outperform to In-Line, and lowers PT from $16 to $14.50. Imperial Capital commented in the report, "National CineMedia, Inc. (NCMI) is a holding company that owns 48.6% in National CineMedia, LLC (NCM), an operating company that sells advertising and distributes entertainment programming to theater operators, as well as meeting and communication services to corporate clients and consumers. NCM generated revenues of $443.7mn, adjusted OIBDA of $225.5mn, and diluted EPS of $0.58 during the latest twelve months (LTM) ended 3/29/12. As of that date, NCM and NCMI had approximately $9 and $74mn in cash, respectively (incl. marketable securities)." National CineMedia closed yesterday at $13.64.