MoffettNathanson Downgrades Cinemark Holdings (CNK) to Sell; 'Dual Threats Too Hard To Ignore'
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MoffettNathanson downgraded Cinemark Holdings (NYSE: CNK) from Neutral to Sell with a price target of $33 (from $40).
Analyst Robert Fishman said they can no longer ignore two threats facing exhibitors: Premium Video On-Demand and Netflix.
"While each of these threats is unlikely to pose a material negative impact to near-term financials, we expect these longer-term industry headwinds to pressure the multiple investors use to value exhibition stocks," the analyst said.
Shares of Cinemark Holdings closed at $39.46 yesterday.
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