UPDATE: National Alliance Downgrades Regal Entertainment Group from Buy to Accumulate

National Alliance reduced its rating on Regal Entertainment Group RGC From Buy to Accumulate and lowered its price target from $17.63 to $16.68. National Alliance commented, "We view the Company's near term share price risk / reward profile balancing positive, with potential near term box office weakness (and related execution risk to street consensus) into an exceedingly difficult fiscal Q1'13 growth comparable, somewhat offset by a strong dividend yield (offset by potential upcoming tax considerations), semidefensible industry and opportunity for a special dividend. … Despite positive near term valuation momentum trends, we have reduced our rating based on valuation, we would look more favorably on the Company's risk / reward profile under $14 per share, where shares could find support at the $12 level." Regal Entertainment Group closed at $14.99 on Wednesday.