Wedbush Cuts Price Target on National CineMedia (NCMI) Following Guide Down

Wedbush maintained an Outperform rating on National CineMedia (NASDAQ: NCMI), and cut the price target to $17.50 (from $19.00), as shares pull back. Management lowered 2016 guide to $440-450m (prior: $463-473m) in revenue and $220-230m (prior: $238-248m) in adjusted OIBDA.

Analyst James Dix commented, "A little over half of ~$20m FY revenue guide cut falls in 3Q, largely on Olympics cannibalization, with balance largely conservatism on national advertising for a 4Q actually pacing in line with budget. Longer-term, with positive color on upfront sales, helped by a strong slate outlook, we remain bullish on cinema advertising as a high-impact medium, seamless substitute for TV, and safe haven for digital shifts."

For an analyst ratings summary and ratings history on National CineMedia click here. For more ratings news on National CineMedia click here.

Shares of National CineMedia closed at $15.92 yesterday.

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