UPDATE: Stifel Nicolaus Reiterates Buy Rating, Lowers PT on RealD Following Weaker June Box Office

In a report published Friday, Stifel Nicolaus analyst Benjamin Mogil reiterated a Buy rating on

, but lowered the price target from $20.00 to $15.00. In the report, Stifel Nicolaus noted, “We are lowering our target price on RealD from $20 to $15 following, a much weaker than expected June box office result which appear to be reflecting a few negative trends: 1) We believe that 3D rates domestically are declining more aggressively post opening weekend than we had previously thought and similarly international 3D rates appear to be weaker than expected. Our thesis on the rating has been based on strong international growth and a stable domestic market. While June's results certainly fly in the face of both of those views, we await the July data, both post opening weekend reports and the company's July box office before making a judgment on our Buy thesis.” RealD closed on Thursday at $13.51.