Benchmark maintains their Buy rating on National CineMedia (NASDAQ: NCMI), and raises their price target to $17.31 (from $16.81), following Q1 results. NCMI reported sales of $76.9M, in-line with company guidance of $75M-$78M. They also reported an adjusted OIBDA of $27.7M, which was also in-line with company guidance of $25M-$28M. NCMI iterated on their quarterly dividend of $0.22 per share. They have cash on hand to pay 4 quarters worth of dividends. NCMI released fiscal Q2’15 performance ranges. The Company expects total revenue in the range of $116-$122M and Adjusted OIBDA in the range of $61-$67M.

Benchmark analyst, Mike Hickey, commented on their views for NCMI, saying, "We view the Company’s near term share price risk / reward profile balancing positive; favorable consideration is factored from a significant valuation reset, stabilized CPMs, elevated yield, strong guidance, optimism over forward box office growth and a strong executive team; offset somewhat by recent national ad softness, beverage CPM decline, competitive pressure from mobile and the termination of the ScreenVision merger."

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Shares of National CineMedia closed at $14.90 yesterday.