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AMC Entertainment Stock Upgraded as ‘Bankruptcy Risk Appears to Have Subsided’
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variety.comBy Dave McNary Film Reporter MKM Partners analyst Eric Handler has upgraded stock of AMC Entertainment Holdings from sell to neutral, citing reduced risk of bankruptcy. “Near-term bankruptcy risk appears to have subsided,” the analyst wrote in a note to clients on Wednesday.
He said the lower risk is due to “the combination of (1) the increasing likelihood movie theaters in the U.S. and Europe will be able to re-open with new Hollywood content in the July/August time frame; and (2) the company’s improved liquidity position.” Handler raised his price target for the stock from $1 to $5.
AMC shares gained 3.5% in early trading on Wednesday to about $5.29 a share on the New York Stock Exchange. The analyst pointed to Warner Bros.’ launch of
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