In a report released today, Eric Wold from B.Riley FBR reiterated a Buy rating on AMC Entertainment (AMC), with a price target of $20. The company’s shares closed yesterday at $9.48, close to its 52-week low of $9.42.
Wold noted:
“We come back to AMC Entertainment Holdings (AMC—Buy, $20 PT) after we just defended the company on 6/6 given the additional 15.2% decline in the shares (vs. a 3.2% gain for the S&P 500 over the same period). We believe the underperformance of a handful of films has created additional weakness for AMC shares with the misunderstanding and concerns associated with the balance sheet presentation shift under ASC 842 potentially keeping buyers from the shares to offset this pressure. While we acknowledge that ASC 842 creates some uncertainty around AMC shares in the near term (until a more appropriate view of the presentation impact is adopted by investors and the data services), we continue to believe that AMC is well positioned to take advantage of a box office environment tilting towards a blockbuster-heavy world.”
According to TipRanks.com, Wold ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.4% and a 30.9% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
Currently, the analyst consensus on AMC Entertainment is a Strong Buy with an average price target of $19.17.
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The company has a one-year high of $20.70 and a one-year low of $9.42. Currently, AMC Entertainment has an average volume of 1.88M.
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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.
