UPDATE: Benchmark Downgrades Marcus Corp. (MCS) to Hold
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Benchmark analyst Mike Hickey downgraded Marcus Corp. (NYSE: MCS) from Buy to Hold.
The analyst commented, "We are reducing our rating from Buy to Hold, as we suspect on-going material pressure from the COVID-19 situation could have a sustained negative performance impact on both the Theater and Hotel operating segments. The market environment remains implausibly challenged near-term, compliments of COVID-19 that has forced theaters closures in the United States. Marcus Theaters closed its theaters on March 17th; the network consists of 91 theaters over 1,110 screens and an estimated 6,500 associates. The near term theatrical window has been compromised as studios either accelerate in-home delivery or go direct to home. The Hotel industry has experienced a significant downturn in travel demand, and we would presume meaningful pressure on occupancy rates, average daily rates and RevPAR. "
Shares of Marcus Corp. closed at $10.71 yesterday.
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