Janney Montgomery Scott Downgrades Cinemark Holdings (CNK) to Neutral

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Janney Montgomery Scott downgraded Cinemark Holdings (NYSE: CNK) from Buy to Neutral with a price target of $30.00 (from $30.50) following Q4 results.

The firm comments, "We are downgrading CNK to NEUTRAL from Buy, as we believe the run in the stock adequately reflects the company's earnings, which have diminished near term upside potential given FX, lower than expected attendance per screen, and the sale of Mexico. In the long term, we believe the company will benefit from international growth; however, it may take some time before investments in new theaters and screens start to offset the loss of Mexico. We are decreasing estimates to reflect current fundamentals and as a result, our fair value decreases to $30 (from $30.50)."

For an analyst ratings summary and ratings history on Cinemark Holdings click here. For more ratings news on Cinemark Holdings click here.

Shares of Cinemark Holdings closed at $28.80 yesterday, with a 52 week range of $20.54-$29.68.

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