UPDATE: Ascendiant Capital Initiates Regal Entertainment Group on Positioning, Box Office Outlook

In a report published on Wednesday, Ascendiant Capital analyst Marla Backer initiated coverage on

with a Buy rating a $21 price target. In the report, Ascendiant Capital stated, "Well positioned. As the industry's largest player, we believe Regal is well positioned to benefit from strong theater cash flows, continued cinema advertising growth, industry consolidation and its JV with AMC, Open Road...Recent box office results have been positive. We expect that trend to continue after the anniversary of Dark Knight Rises, which debuted on July 20, 2012. We are also optimistic about Hunger Games 2, Thor 2, Hobbit 2 and Ender's Game scheduled for holiday 2013." Regal Entertainment Group closed on Wednesday at $17.78.