UPDATE: Benchmark Starts AMC Entertainment (AMC) at Buy
Get Alerts AMC Hot Sheet
Rating Summary:
3 Buy, 9 Hold, 7 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Benchmark initiated coverage on AMC Entertainment (NYSE: AMC) with a Buy rating and a price target of $34.81. Analyst Mike Hickey said the company's innovation programs in seating and food are driving performance growth.
Hickey explained, "The Company’s shares offer investors a pure play on the domestic cinema industry, an industry often considered defensive to economic downturns and competitive entertainment solutions, while potentially benefiting from the relative perceptual strength of the on-going US economy. We believe AMC Entertainment will outperform the domestic box office performance over the long term, benefiting from an aggressive multi-year theatre amenity refresh strategy over a meaningful portion of the Company’s theatrical network."
"The Company has initiated an aggressive innovation effort over their existing theatrical network through recliner seating integration and enhanced food / beverage amenities. The Company’s innovation program has made remarkable progress at driving performance growth, a theatre level productivity trend we expect to continue over the medium term," added the analyst.
For an analyst ratings summary and ratings history on AMC Entertainment click here. For more ratings news on AMC Entertainment click here.
Shares of AMC Entertainment closed at $30.38 yesterday.
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