Piper Jaffray Initiates Coverage on Regal Entertainment Group (RGC) with a Buy
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Piper Jaffray & Co. initiates coverage on Regal Entertainment Group (NYSE: RGC) with a Buy. Price target $20.
Piper analyst says, "We believe the RGC shares represent an interesting risk/reward investment in the face of a soft economy, declining ad sales and potential secular risks in the entertainment industry. Regal Entertainment's combination of a stable business model (even in a weak economy), attractive valuation (6.5x 2009E EV/Adjusted EBITDA) and compelling dividend yield (8.1%) should help provide a floor for the shares even in a difficult market environment. Importantly, we also see a positive catalyst for the shares as theatres upgrade to 3-D technology throughout 2008-2009."
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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