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UPDATE: J.P. Morgan Downgrades Cinemark Holdings to Neutral, Reiterates $30 PT

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In a report published Monday, J.P. Morgan & Co. downgraded its rating on Cinemark Holdings (NYSE: CNK) from Overweight to Neutral, and reiterated its $30.00 price target.

J.P. Morgan noted, “We continue to find shares attractive at 7.0x 2013 adj. EBITDA and paying a healthy dividend yielding 3.1% given CNK's long-term growth outlook that is driven by LatAm outperformance and attractive FCF generation. However, we believe Q4 strength is largely reflected in shares currently and believe any weakness in Q1 box office may be a near-term headwind to the stock, potentially leading to opportunity for a lower entry point.”

Cinemark Holdings closed on Friday at $27.20.

Latest Ratings for CNK

DateFirmActionFromTo
Oct 2016Goldman SachsUpgradesNeutralBuy
Aug 2016Loop CapitalInitiates Coverage onBuy
Aug 2016Drexel HamiltonDowngradesBuyHold

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Posted-In: J.P. Morgan & Co.Analyst Color Downgrades Analyst Ratings

 

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