National CineMedia (NCMI) Olympic Headwinds Temporarily Impact Results - B.Riley
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B. Riley analyst, Eric Wold, reiterated his Buy rating on shares of National CineMedia (NASDAQ: NCMI) after Q2 results from National CineMedia (NCMI) were only slightly below RILY and consensus expectations were still within guidance ranges. It became clear that shifting ad dollars around the Olympics and the Q3/Q4 slate were negatively impacting the 2016 outlook as the company’s local/regional sales directors ramp up their contributions.
NCMI was unable to work through its headwinds as demand/CPM trends strengthened, but the analyst remains optimistic ahead of the 2017+ multi-year box office up-cycle as these issues seem very short-term and are not an indication of any change in long-term underlying demand for in-theater advertising.
The analyst is reducing his 2016/2017 estimates, but maintaining his Buy rating with a reduced price target of $18.75 (down from $20.00). The shares also have an attractive 5.5% dividend yield.
Shares of National CineMedia closed at $15.92 yesterday.
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