B. Riley Starts Reading International (RDI) at Buy
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B. Riley initiates coverage on Reading International (NASDAQ: RDI) with a Buy rating and a price target of $26.00.
Analyst Eric Wold commented, "In our opinion, Reading International (RDI) has been more commonly recognized as a leading cinema operator in the U.S., Australia and New Zealand with positions of #11, #4 and #3 in those markets, respectively. However, while we remain optimistic on the outlook for global box office trends as an impressive film slate should drive a multi-year box office up-cycle both in the U.S. and abroad, we believe this focus is likely to overlook the significant shareholder value that management is projected to create in the coming years through various development projects and property monetization efforts in those same three markets. With a lack of sell-side research coverage before today and management only making an outward effort towards investors starting this year, we believe RDI has been overlooked and seems extremely underappreciated and undervalued. We are initiating coverage of RDI with a Buy rating and $26.00 price target, which represents upside of over 90% from current levels."
Shares of Reading International closed at $13.55 yesterday.
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