Reading International Inc (RDI) Gets a Buy Rating from B.Riley FBR


B.Riley FBR analyst Eric Wold reiterated a Buy rating on Reading International Inc (RDI) today and set a price target of $23.50. The company’s shares opened today at $15.53.

Wold observed:

“After reporting 4Q18 results Monday morning (3/18), Reading International (RDI) posted its pre- recorded conference call to its website on Thursday (3/21). The company reported 4Q18 results that came in above consensus for total revenues and adjusted EBITDA—as U.S. cinema segment strength helped to offset some slight weakness in the real estate segment vs. our estimates. As the main investor focus around this story (and the reason why, we believe, shares trade below fair value), we were encouraged that management noted progress in Union Square lease negotiations and that tenant improvements could begin in 2Q19 and that the company was moving forward with the Cinemas 1,2,3 development on its own after failing to come to an agreement with the adjacent property owner.”

According to TipRanks.com, Wold is ranked 0 out of 5 stars with an average return of -6.6% and a 33.5% success rate. Wold covers the Services sector, focusing on stocks such as Cinemark Holdings Inc, National Cinemedia, and AMC Entertainment.

Reading International Inc has an analyst consensus of Moderate Buy, with a price target consensus of $23.50.

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Based on Reading International Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $4.96 million. In comparison, last year the company had a net profit of $7.38 million.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is negative on the stock.

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Reading International, Inc. is an entertainment and real estate company, which engages in the development, ownership, and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia, and New Zealand. It operates through the following segments: Cinema Exhibition and Real Estate.

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