B.Riley FBR analyst Eric Wold reiterated a Buy rating on Cinemark Holdings Inc (CNK) today and set a price target of $48. The company’s shares opened today at $42.75, close to its 52-week high of $43.51.
Wold commented:
“Before the market open on Holdings (CNK) reported 1Q19 results that came in ahead of our recently reduced expectations as impressive outperformance for the domestic circuit more than offset slate and F/X-driven headwinds in Latin America. Along with our continued positive view for the domestic box office setting a new record this year, we come away increasingly optimistic around the potential for both the Movie Club program and a long- awaited turnaround for the Latin American circuit to provide additional revenue and profitability tailwinds throughout the year. Furthermore, as with other companies impacted by the ASC 842 lease accounting change, we would expect investors to largely ignore the non-cash impact of these changes and adjust any target valuation multiples as necessary to offset the presentation impact. We are reiterating our Buy rating and $48 PT.”
According to TipRanks.com, Wold is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.9% and a 42.1% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, National Cinemedia, and AMC Entertainment.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cinemark Holdings Inc with a $47.60 average price target, an 11.3% upside from current levels. In a report issued on April 22, Wedbush also maintained a Buy rating on the stock with a $46 price target.
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The company has a one-year high of $43.51 and a one-year low of $33.36. Currently, Cinemark Holdings Inc has an average volume of 1.21M.
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Cinemark Holdings, Inc. is a holding company, which engages in the provision of motion picture exhibition through its subsidiaries. It operates through the U.S. and International segments. The company was founded by Lee Roy Mitchell in 1984 and is headquartered in Plano, TX.
