National CineMedia (NCMI) PT Raised to $7.50 at B.Riley

B.Riley analyst Eric Wood raised the price target on National CineMedia (NASDAQ: NCMI) to $7.50 (from $6.75) while maintaining a Buy rating.

The analyst commented: "We return to National CineMedia, Inc. following management's participation at the B. Riley Securities 24th Annual Institutional Investor Conference. Heading into that conference, we noted that NCMI was the most likely candidate in our exhibition coverage universe to grab investor attention as management highlights the transformed company and provides a positive update on revenue visibility. We came away from our meeting with management incrementally positive on the company's ability to increasingly monetize improving movie theater attendance trends into 2H24 and 2025 along with utilizing the strengthening FCF generation. We reiterate our Buy rating and are raising our PT from $6.75 to $7.50—which remains based on an unchanged target multiple of 8.0x on our 2025 AOIBDA estimate, but with the conservative discount rate now removed."

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