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Stifel Nicolaus reduced its rating on Cinemark Holdings
CNK from Buy to Hold and removed its $25 price target.
Stifel Nicolaus said, "The stock is within a reasonable range of our target price and we do not believe that fundamentals warrant an increase in estimates which would necessitate a target price increase. The two anchors which had underpinned our rating had been better than industry domestic box office performance and strong Latin American performance. On the domestic front, we believe that Cinemark's outperformance is coming to an end as the last few quarters have seen its performance gap narrow. On the international front, while the weakness in the local currencies is translational only, the reduced USD EBITDA from the region which when coupled with the strong stock price, has raised the current valuation to a level we view as fully valued."
Cinemark Holding closed at $24.14 on Tuesday.
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