B.Riley FBR analyst Eric Wold reiterated a Buy rating on Cinemark Holdings Inc (NYSE: CNK) today and set a price target of $46.75. The company’s shares opened today at $38.81.
Wold observed:
“Before the open this morning, 5/9, Cinemark Holdings (CNK) reported 1Q18 results that came in below expectations due to the under-performance of the Latin American circuit on a weaker film slate and tough comparison to the year-ago period (as expected, but to a larger degree than was anticipated). With underlying trends in the domestic circuit remaining solid (e.g., improving patron monetization, attractive returns on remodels, etc.), we continue to view the company’s operations in Latin America positively and believe the weakness in 1Q18 was purely a slate- driven miss. And with a more favorable slate and Y/Y comparison on tap for the remainder of this year, we would view any weakness in CNK shares this morning on the miss as an overreaction. We are reiterating our Buy rating and unchanged $46.75 PT.”
According to TipRanks.com, Wold is a 4-star analyst with an average return of 7.5% and a 54.5% success rate. Wold covers the Services sector, focusing on stocks such as National Cinemedia, AMC Entertainment, and Red Lion Hotels.
Currently, the analyst consensus on Cinemark Holdings Inc is Strong Buy and the average price target is $44.63, representing a 15.0% upside.
In a report issued on May 4, Wedbush also reiterated a Buy rating on the stock with a $47 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 $94.57 million. In comparison, last year the company had a net profit of $79.35 million.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock.
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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.
