UPDATE: Stifel Nicolaus Upgrades National CineMedia to Buy on Positive Outlook
Stifel Nicolaus raised its rating on National CineMedia (NASDAQ: NCMI) from Hold to Buy and established a new $17 price target.
Stifel Nicolaus noted, "We view cinema advertising as the marginal recipient of ad dollars and given recent industry comments and likelihood for a strong 4Q12 ad buy from key categories such as wireless manufacturers and auto, we are increasing our 4Q12 estimates above consensus and our rating accordingly. We see the fourth quarter this year as a similar set-up to 2010 when accelerating ad markets in 3Q lead to an increase in 4Q guidance and an eventual beat of that elevated estimate."
National CineMedia closed at $15.50 on Monday.
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