Wedbush maintained an Outperform rating on National CineMedia (NASDAQ: NCMI), and cut the price target to $17.50 (from $19.00), as shares pull back. Management lowered 2016 guide to $440-450m (prior: $463-473m) in revenue and $220-230m (prior: $238-248m) in adjusted OIBDA.

Analyst James Dix commented, "A little over half of ~$20m FY revenue guide cut falls in 3Q, largely on Olympics cannibalization, with balance largely conservatism on national advertising for a 4Q actually pacing in line with budget. Longer-term, with positive color on upfront sales, helped by a strong slate outlook, we remain bullish on cinema advertising as a high-impact medium, seamless substitute for TV, and safe haven for digital shifts."

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Shares of National CineMedia closed at $15.92 yesterday.