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.

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

and

. Despite this grim outlook for 2014, the firm remains optimistic for Cinemark in 2015.