In a report released today, Eric Wold from B.Riley FBR reiterated a Buy rating on AMC Entertainment (AMC), with a price target of $29. The company’s shares closed yesterday at $15.19.
Wold commented:
“We are revisiting AMC Entertainment (AMC) after, what we believe to be, an overreaction to the shares since Thursday (down 16.3% vs. a decline of 2.9% for the the company reported 3Q18 results and management indicated that they were not likely to move forward with a near-term IPO of the European assets. While we previewed some caution into the 3Q18 print given the expected impact of Stubs A-List launch/marketing costs, we do not believe the $300M+ reduction in valuation over the past two days is commensurate with a “no go” decision on the IPO. Although management had previously indicated they would study the possibility of a European IPO in 2H18 or 1H19, the combination of the flip-flopping of box office performance in the U.S.”
According to TipRanks.com, Wold is a 4-star analyst with an average return of 3.7% and a 45.5% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
AMC Entertainment has an analyst consensus of Moderate Buy, with a price target consensus of $22.67, a 49.2% upside from current levels. In a report issued on October 31, Wedbush also upgraded the stock to Buy with a $25 price target.
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Based on AMC Entertainment’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $100 million. In comparison, last year the company had a GAAP net loss of $42.7 million.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock.
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AMC Entertainment Holdings, Inc. engages in the theatrical exhibition business through its subsidiaries. It operates through the United States Markets and International Markets segments. The company was founded on June 6, 2007 and is headquartered in Leawood, KS.
