UPDATE: Morgan Stanley Raises Price Target On Cinemark Holdings, Inc.
In a note released Monday morning, Morgan Stanley maintained an Equal-weight rating on Cinemark Holdings, Inc. (NYSE: CNK) while increasing the price target from $34 to $36.
The firm noted, "While Cinemark Holdings Inc. appears fairly valued, buying opportunities may present themselves ahead of 2015 if our below-consensus outlook for the 2H14 box plays out."
Looking ahead, Morgan Stanley is predicting a 13-14 percent drop in the box office for the third quarter of 2014, as well as a four percent drop in the fourth quarter due to tough comps from Frozen and Gravity. Despite this grim outlook for 2014, the firm remains optimistic for Cinemark in 2015.
Latest Ratings for CNK
|Aug 2016||Loop Capital||Initiates Coverage on||Buy|
|Aug 2016||Drexel Hamilton||Downgrades||Buy||Hold|
|Aug 2016||B. Riley||Upgrades||Neutral||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.