B.Riley Downgrades Cinemark Holdings (CNK) to Neutral on 'headline risk around additional film slate delays and negative Y/Y results comparisons'

B.Riley analyst Eric Wold downgraded Cinemark Holdings (NYSE: CNK) from Buy to Neutral with a price target of $15.00 (from $23.00).

The analyst comments: "With less than 20% upside to our new $15 PT and the headline risk around additional film slate delays and negative Y/Y results comparisons, we are downgrading CNK from Buy to Neutral. We previously upgraded CNK to Buy on 7/12, and while the shares initially had a strong run into early October, we acknowledge the lack of a reaction on our part at that time, with the shares now down ~12% since our upgrade compared to a gain of ~6% for the Russell 2000. We will look to be more constructive with our rating as visibility improves into the slate and a return to industry box office growth over the next 12 months.

Without any changes to our target multiple of 7.0x on the U.S. and Latin American circuit AEBITDA estimates, the shift back from our 2025 estimates to our 2024 estimates moves our PT down from $23 to $15."

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 $14.09 yesterday.

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