In a report released today, Eric Wold from B.Riley FBR reiterated a Buy rating on Cinemark Holdings Inc (CNK), with a price target of $48. The company’s shares closed yesterday at $41.85, close to its 52-week high of $43.24.
Wold noted:
“Cinemark Holdings (CNK) is scheduled to report 1Q19 results before the open on a conference call at 8:30am ET. Although 1Q19 results were adversely impacted by weak box office trends, we do not believe this should come as a surprise to anyone given the difficult comparison to the year-ago period and extremely weak results in January and February prior to the turnaround in March. With that in mind, we remain positive on the full-year outlook domestically (with an expectation for a new box office record) and the increasing likelihood that attendance and box office trends in Latin America begin to turnaround on a stronger slate and easier comparisons (even before any benefit from a more optimistic political/economic environment in region).”
According to TipRanks.com, Wold is ranked 0 out of 5 stars with an average return of -4.1% and a 39.3% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, National Cinemedia, and AMC Entertainment.
Cinemark Holdings Inc has an analyst consensus of Strong Buy, with a price target consensus of $47.60, representing a 13.7% upside. 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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Based on Cinemark Holdings Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $19.4 million. In comparison, last year the company had a net profit of $61.72 million.
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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.
