Shares of Cinemark Holdings Inc.
CNK,
rose 7% before market open Wednesday after B.Riley Securities upgraded the movie theater operator to buy from neutral and raised its price target for the company to $23 from $20. The move comes about four weeks after B.Riley Securities downgraded Cinemark to neutral from buy. “With the pullback in shares since that time, the strong likelihood, in our opinion, of upside 2Q23 results in early August, and confidence in continued over-indexing relative to the exhibition peer group, we are taking this opportunity to move off the sidelines,” wrote B.Riley Securities analyst Eric Wold, in a note. Of 12 analysts surveyed by FactSet, seven have a buy rating, four have a hold rating, and one has a sell rating for Cinemark.
