AMC stock could shed roughly 70% of its value, according to Citi.
Shares of meme stock favorite AMC could be headed for a nearly 70% pullback, according to Citi. The firm lowered its price target on AMC stock from $15.50 to $4.75 following a slew of company moves including a reverse stock split, a recent equity raise as well as a conversion of equity units to common stock. Citi also reiterated a sell rating on AMC. AMC YTD mountain AMC stock. AMC stock has plummeted roughly 77% from the start of the year.
" "Given the proliferation of multiple streaming services over the last several years, we see downside risk to the global box office going forward," analyst Jason Bazinet said. "In addition, these recent industry developments suggest that the strategic role of exhibitors may be diminishing." The analyst added that he foresees AMC using the cash from the equity raise to pay down roughly $2.1 billion of the company's total debt.
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