B. Riley downgraded Cinemark to Neutral from Buy with an unchanged price target of $31. The shares are now now within 10% of the price target following a 30% increase since Riley’s upgrade to Buy on July 7, the analyst tells investors in a research note. The firm says the downgrade is not based on any adverse changes to its fundamental view on Cinemark or its projected domestic industry box office recovery in 2025. Rather, it will look for either a more attractive entry point for the shares or a reason to become more enthusiastic around the stock’s valuation drivers.
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