UPDATE: Piper Jaffray Raises Carmike Cinemas PT
According to a research report published this morning, Piper Jaffray has increased Carmike Cinemas' (NASDAQ: CKEC) PT from $15 to $17.50.
Piper Jaffray said in the report, "Carmike reported 1Q12 revenue, EBITDA and EPS results of $130.8M/$23.9M/$0.25 versus our estimates of $130.2M/$17.5M/$0.06 and consensus of $124.5M/$19.3M/$0.01. A strong Q1 slate combined with innovative concession strategies drove Carmike's attendance +30%, ahead of industry's growth of +24%. Strong ticket pricing growth was related to 2D price increases, premium ticket mix (3D/ large format), and favorable matinee discount mix."
Piper Jaffray maintains its Overweight rating on Carmike Cinemas, which closed yesterday at $14.70.
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