A Wall Street analyst cut his rating on the stock of exhibitor Cinemark from 'buy' to 'neutral,' citing 'uncertainty around key state opening timelines,' the second-half film slate and a 'worsening COVID-19 situation in Brazil.' More details:
B. Riley FBR's Eric Wold cites"uncertainty around key state opening timelines," the second-half film slate and a"worsening COVID-19 situation in Brazil" in moving to a"neutral" rating and cutting his price target to $13.
The analyst also lowered his 2020 and 2021 revenue estimates for Cinemark, led by CEO Mark Zoradi, from $2.04 billion to $1.81 billion and from $3.27 billion to $3.14 billion, respectively. And he cut his adjusted earnings before interest, taxes, depreciation and amortization estimates from $294 million to $213 million for 2020 and from $656 million to $609 million in 2021.
He also warned that the film release calendar for the second half of the year "could still be in flux," explaining: "We assume the studios are closely watching for any adverse changes in major market reopening time frames and/or movie-goer demand levels and could easily decide to delay ... releases.
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