Piper Jaffray & Co. Initiates Coverage on National CineMedia (NCMI) with a Buy
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Piper Jaffray & Co. initiates coverage on National CineMedia (Nasdaq: NCMI) with a Buy. Price target $14.
Piper analyst says, "The slowdown in the U.S. ad market, combined with various competitive actions from major competitor Screenvision, has impacted National CineMedia, stunting growth in early 2008. But we believe the positive long term secular trends remain intact and that the competitive situation should cool in 2009. National CineMedia has transitioned from a growth story to an intriguing value play."
National CineMedia, Inc. serves as the holding company for its consolidated subsidiary, National CineMedia, LLC (NCM LLC), and has no business operations or material assets other than its ownership interest of approximately 44.8% of the common membership units in NCM LLC.
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