UPDATE: Benchmark Initiates Coverage on National CineMedia on Market Leader Position

In a report published Wednesday, Benchmark Company analyst Mike Hickey initiated coverage on National CineMedia NCMI with a Hold rating and $19.04 price target. In the report, Benchmark Company noted, “We're initiating on National CineMedia Inc. (NCMI) with a Hold rating, and $19.04 price target, with a 6.0% share price to target return opportunity and an anticipated 4.9% annual dividend yield. The Company's theater advertising network covers 183 Designated Market Areas (49 of the top 50) and includes approximately 19,600 screens (approximately 18,800 digital). The Company has +23-yr exhibitor service agreements with Regal, AMC and Cinemark, which represents 16,357 screens or 84% of their total screen network.” National CineMedia closed on Tuesday at $17.96.