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In a report published Friday, J.P. Morgan analyst Townsend Buckles upgraded the rating on National CineMedia
NCMI from Neutral to Overweight, and raised the price target from $16.00 to $18.00.
In the report, Buckles noted, “With a stronger revenue outlook, our estimates come up on NCM's high operating leverage and profitability profile. Shares trade at 11x our 2013 adj. EBITDA and 10x 2014, in line with historical levels for this strong FCF business (16x our 2014 FCF). Steady forward valuation on higher earnings growth brings our year-end 2013 price target to $18, presenting meaningful upside (after lagging the media group YTD) along with a high dividend yielding 5.5%.”
National CineMedia closed on Thursday at $15.98.
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