UPDATE: Piper Jaffray Raises PT on Carmike Cinemas After Earnings Beat

In a report published by Piper Jaffray, analyst James M. Marsh reiterated his Overweight rating and raised his price target from $17.50 to $20 on Carmike Cinemas CKEC. Piper Jaffray reported that, “Carmike reported 4Q12 revenue of $147M (+22% YoY), just ahead of our estimate of $145M (consensus of $142M). Adj. EBITDA and EPS results of $30M/$0.43 were well ahead of our estimates of $24M/$0.27 and consensus of $27M/$0.26. Despite the outperformance, CKEC shares appear intriguingly undervalued relative to peers at just 4.8x 2013 EBITDA vs. peer group of 7.3x. The company has balanced solid growth (organic and acquired) (6% vs domestic peers growing 1.6% over past 3 years) while systematically delevering its balance sheet. We reiterate our Overweight rating and raise our price target to $20 from $17.50.” Shares of Carmike Cinemas closed at $15.92 on Thursday.