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In a report published Friday, Wunderlich Securities analyst Matthew Harrigan reiterated a Buy rating and $44.00 price target on
Cinemark HoldingsCNK.
In the report, Wunderlich Securities noted, “We concur with Buy-rated Cinemark (CNK) CEO Tim Warner's September conference affirmations as to the continued primacy of global theatrical to studio economics and marketing. We attach much more importance to Disney's (DIS-$86.79, Hold) ‘shout-out' to exhibitors on favorable theatrical windows than to Netflix's (NFLX-NR) disruptive move in releasing Crouching Tiger, Hidden Dragon: The Green Legend simultaneously for digital streaming and for IMAX screens or its follow-on streaming effort for four Adam Sandler films. (The top exhibitors have already nixed showing the film, with IMAX deferring and waiving its rights to program the screens). Netflix is motivated by marketing for new subscriptions and we look for a likely significant direct loss after payments to Weinstein Company.”
Cinemark Holdings closed on Thursday at $32.08.
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