FBR Capital Trims Price Target on Cinemark Holdings (CNK)
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Price: $18.16 +2.71%
Rating Summary:
14 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 50
Rating Summary:
14 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 50
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FBR Capital analyst Barton Crockett trimmed his price target on Cinemark Holdings (NYSE: CNK) from $38 to $36 but maintained an Outperform rating.
Crockett commented, "With 1Q14 nearly complete, we are adjusting our Cinemark Holdings (CNK) model for a domestic industry trend that was lower than we had anticipated, up only 7%, versus our low-teens estimate. We also incorporate updated foreign exchange (F/X), seeing a 15.8-percentage-point headwind from declines in Latin American currencies relative to the dollar. This results in a $26.5 million reduction to our 1Q14E adjusted EBITDA. Our price target is trimmed $2 to $36."
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 $29.94 yesterday.
Crockett commented, "With 1Q14 nearly complete, we are adjusting our Cinemark Holdings (CNK) model for a domestic industry trend that was lower than we had anticipated, up only 7%, versus our low-teens estimate. We also incorporate updated foreign exchange (F/X), seeing a 15.8-percentage-point headwind from declines in Latin American currencies relative to the dollar. This results in a $26.5 million reduction to our 1Q14E adjusted EBITDA. Our price target is trimmed $2 to $36."
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 $29.94 yesterday.
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