Wunderlich Securities Reiterates Buy Rating, $34 PT on Cinemark Holdings
In a report published Monday, Wunderlich Securities reiterated its Buy rating and $34.00 price target on Cinemark Holdings (NYSE: CNK).
Wunderlich Securities noted, “We remain positive on Buy-rated Top Idea Cinemark (CNK) with excellent Christmas box office performance ending in an up 29% final weekend for the top twelve movies, with 2012 box office up 6%. This equates to good carryover into 2013, reinforced by the 1.11 Zero Dark Thirty wide release. We still model down 8.5% Q1 2013 U.S. per screen attendance off The Hunger Games and Dr. Seuss' The Lorax comps, but this could be conservative with good buzz for the Bin Laden drama and Disney's (DIS-$49.15, Hold) Oz: The Great and Powerful, with potential for A Good Day to Die Hard and Gangster Squad. We estimate that CNK's price now discounts 5% U.S. annual attendance per screen contraction and (unlikely) flat LatAm attendance per screen over 2013-2017.”
Cinemark Holdings closed on Friday at $25.28.
Latest Ratings for CNK
|Feb 2015||JP Morgan||Maintains||Overweight|
|Nov 2014||Topeka Capital||Downgrades||Buy||Hold|
|Sep 2014||Morgan Stanley||Maintains||Equal-weight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.