Benchmark Upgrades Cinemark Holdings (CNK) to Buy
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Benchmark analyst Mike Hickey upgraded Cinemark Holdings (NYSE: CNK) from Hold to Buy with a price target of $18.00.
The analyst comments "We are upgrading CNK to Buy from Hold. We expect movie-goers to return to the cinema, buoyed by a strong slate of films in the near term, a behavior migration toward normalcy as the virus influence abates and an elevated need for escapism where cinema growth has proven counter cyclical. We are optimistic that movie-goers will return to the theaters over the next several months and that over the medium term CNK can return to historical performance levels. The Company reduced its monthly cash burn significantly and we estimate that it has enough liquidity to make it through 2021 on zero revenue. Valuation has been butchered (down 72% from the 52-week high), creating an opportunistic entry point, in our view."
Shares of Cinemark Holdings closed at $11.49 yesterday.
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