Benchmark Raises Price Target on Marcus Corporation (MCS) to $28.19
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Benchmark reiterated a Buy rating on Marcus Corporation (NYSE: MCS), and raised the price target to $28.19 (from $26.11), following an NDR. Benchmark estimates that the domestic box office will close the quarter up +11% per screen and believes sales were $140M vs the Street's $134M estimate. Benchmark also estimates adjusted EPS was $0.41 compared to the Street at $0.38.
Analyst Mike Hickey commented, "We estimate the Company could report better than expected sales, OIBDA and adjusted EPS performance versus Street Consensus and Benchmark estimates; both theatrical and hotel operating segments have been consistently exceeding Benchmark estimates. We remain constructive on the Company’s ability to drive OIBDA acceleration and anticipate their forward growth profile will benefit from a strengthening fiscal ’17 box office slate and potential Theater Network growth through M&A where we expect the deal market will continue to trend favorably."
Shares of Marcus Corp. closed at $24.30 yesterday.
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