By Dade Hayes Finance Editor Shares of top exhibition circuit AMC Entertainment were upgraded by MKM Partners analyst Eric Handler from “sell” to “neutral” due to its progress in recovering from the devastating impact of COVID-19.
Handler also raised his price target for the stock to $5 from $1. AMC shares gained 4% in early trading Wednesday to about $5.32.
Shares in Cinemark, the No. 3 U.S. exhibitor, were up 8% and Regal Cinemas owner Cineworld also popped 8% in London. The return of moviegoing at significant scale this summer is the main reason for improved sentiment around AMC.
Since the depths of the COVID-19 crisis in March, when theaters shut down in many parts of the world, the company’s stock has more than doubled, though it
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