UPDATE: Barrington Downgrades National CineMedia to Market Perform, Removes PT on Scaled-Back Outlook

In a report published Friday, Barrington downgraded its rating on National CineMedia

from Outperform to Market Perform and removed its $17.00 price target. Barrington noted, “We upgraded the stock in mid-November at $13.14, establishing a target price of $17. The stock price performance since that time has been solid, particularly given the yield support that is an important component of the NCMI value proposition. At this point, the stock is within 13% of that target which might arguably come into question on a near-term basis given the softened outlook as management pursues a number of growth initiative that we feel will ultimately play out. Therefore, we feel it is prudent at this time to return to a more conservative investment rating while some of these issues play out.” National CineMedia closed on Thursday at $15.07.