Citi keeps $2 target on AMC Entertainment, says shares overvalued

Citi analyst Jason Bazinet keeps a Sell rating on AMC Entertainment with a $2 price target after updating his model to reflect the company’s Q4 results. The stock closed Monday up 26% to $14.04. On the earnings call, management highlighted its recent domestic theater openings along with its capital raising efforts, which AMC believes have provided the company with enough liquidity to last through 2021, Bazinet tells investors in a research note. The analyst, however, believes AMC “remains overvalued at prevailing levels.”