Jul. 11 at 5:48 PM
$AMC $SPX $CNK $IMAX AMC received its first Buy rating since 2020, as Wedbush upgraded the stock to Outperform from Neutral and raised its price target to
$4 (from
$3), over 20% above current levels. Shares jumped 8.3% to
$3.25 on the news.
Despite falling 83% in 2023 and down 17% YTD, Wedbush sees upside as AMC benefits from a steadier film release schedule and potential market share gains in Europe through 2026. Analyst Alicia Reese noted that AMC has repaid or delayed its 2026 debt and completed its last major share issuance for the foreseeable future.
Reese expects AMC's EBITDA to cover interest expenses, reducing dilution risks. However, she cautions the industry remains low-growth, forecasting mid- to high-single-digit box office gains short term, then slowing.
Wedbush also upgraded CNK to Outperform with a price target of
$37 (from
$32). Meanwhile, the SPX slipped 0.34%.
