UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Cinemark Holdings
In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on Cinemark Holdings (NYSE: CNK), and slightly raised its price target on $30.00 to $31.00.
Piper Jaffray noted, “We raised our Q4 revenue, EBITDA and EPS estimates to $ 619M / $142M / $0.38 from $577M / $118M / $0.25. We expect CNK's domestic attendance to end up +11% and ticket pricing +3.3%. Internationally, we are factoring a 6% currency drag, attendance should end up +12% and currency adjusted ticket pricing +6%. We raised our 2013 revenue, EBITDA and EPS estimates to $2,635M / $628M / $1.82 from $2,548M / $583M / $1.58. We are raising our price target to $31 from $30 based on a 5-year DCF analysis using a WACC of 7.9% and terminal EBITDA multiple of 7.0x.”
Cinemark Holdings closed on Thursday at $26.59.
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