Wedbush Morgan Reiterates 'Hold' Rating on Regal Entertainment (RGC), Lowers Price Target
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Wedbush Morgan reiterates a 'Hold' rating on Regal Entertainment (NYSE: RGC). Price target lowered from $15.50 to $12.
Wedbush analyst says, "Q3 revenue of $757.6 million beat our estimate of $742 million, although it was in line with consensus of $756 million. Revenues increased ~1% from last year, almost entirely due to the company’s recent acquisition of Consolidated Theatres...Also pressuring the stock, we believe, is news that DCIP financing arrangements are still being negotiated, a hurdle many investors had thought the studios and exhibitors already cleared."
Regal Entertainment Group (Regal) is the parent company of Regal Entertainment Holdings, Inc. (REH), which is the parent company of Regal Cinemas Corporation (Regal Cinemas) and its subsidiaries.
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