AMC Entertainment Holdings Inc.'s undefined AMC Preferred Equity Units undefined made their trading debut Monday, ending a volatile session down 13.7%,...
AMC Entertainment Holdings Inc.'s AMC Preferred Equity Units made their trading debut Monday, ending a volatile session down 13.7%, outpacing the S&P 500 Index's decline of 2.1%. AMC's stock ended Monday's session down 5.5%. Following the APEs' debut, analyst firm Wedbush cut its AMC price target.
"On August 22, AMC Preferred Equity began trading, and we adjusted our model for the higher share count of AMC, thus lowering our price target to $2 from $4," wrote Wedbush analyst Alicia Reese, in a note released Tuesday. The move effectively created a two-for-one stock split with with half listed under AMC and half under APE, Reese added.
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