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UPDATE: Janney Capital Markets Upgrades Cinemark as Near-Term Pain Boosts Long-Term Gain

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In a report published Tuesday, Janney Capital Markets analyst Tony Wible upgraded the rating on Cinemark Holdings (NYSE: CNK) from Neutral to Buy, and raised the price target from $37.00 to $46.00.

In the report, Janney Capital Markets noted, “We are upgrading RGC and CNK to Buy from Neutral as we see opportunities around the longer term visibility into the 2015 slate, M&A opportunities, and new initiatives. Furthermore, we believe the yields are attractive in the low rate environment and favor exposure to movies over TV given some of the risks in that ecosystem. We introduce our 2015 estimates, which we use to derive a $26 (from $21) and $46 (from $37) fair value for RGC and CNK, respectively.”

Cinemark Holdings closed on Monday at $32.57.

Latest Ratings for CNK

DateFirmActionFromTo
Jul 2015BenchmarkInitiates Coverage onBuy
Jun 2015Topeka CapitalUpgradesHoldBuy
May 2015RBC CapitalMaintainsOutperform

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Posted-In: Janney Capital Markets Tony WibleAnalyst Color Upgrades Analyst Ratings

 

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