Marcus Corp. (MCS) PT Raised to $25 at Benchmark

Benchmark analyst Mike Hickey raised the price target on Marcus Corp. (NYSE: MCS) to $25.00 (from $22.00) while maintaining a Buy rating.

The analyst commented: "We recently concluded a non-deal roadshow with the MCS executive team. We believe the company's theatrical segment is poised to be a key area of growth in the coming years, driven by the return of a robust film slate and capitalizing on consumer trends favoring premium experiences, with the company averaging multiple PLF screens per theater. The Theater segment has a $50 million plus AOIBDA bridge to pre-pandemic levels, highlighting its potential for substantial recovery and operating leverage in the near term. Concession sales have been exceptionally successful, now averaging nearly 90% of admission sales compared to around 80% pre-pandemic, positioning margins to exceed pre-pandemic levels. We estimate FY25|FY26 EBITDA at $116M and apply an 8x multiple, raising our price target to $25 (from $22) and we are reiterating our Buy rating."

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