Veteran exhibition analyst Eric Wold of B. Riley has given Cinemark stock a big shot in the arm, so to speak, upgrading it to “buy” from “neutral” and doubling his price target.In a note to clients, Wold said he held a “fireside chat” with the management of the major theater circuit earlier this week.
Despite the raging infection rates of Covid-19 across the country, which continue to keep a lid on major markets like LA and New York, Wold believes Cinemark is well-positioned during and after the pandemic.
He boosted his 12-month price target to $28 from $14. The company’s shares spiked in the opening minutes of trading this morning but have since settled into break-even territory at around $19.
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