UPDATE: Raymond James Downgrades Carmike Cinemas to Market Perform, Removes PT as Valuation Gap Narrows

In a report published Thursday, Raymond James analyst Joseph D. Hovorka downgraded the rating on Carmike Cinemas CKEC from Strong Buy to Market Perform, and removed the $22.00 price target. In the report, Raymond James noted, “We are downgrading shares of Carmike Cinemas to Market Perform from Strong Buy as the stock has significantly outperformed its peers and the valuation gap between CKEC and its larger, dividend-paying peers has narrowed. Additionally, we believe the industry is getting closer to the end of attractively priced, solid acquisitions for the public companies.” Carmike Cinemas closed on Wednesday at $24.86.