AMC Entertainment price target lowered to $3.50 from $4 at Macquarie

Macquarie lowered the firm’s price target on AMC Entertainment to $3.50 from $4 and keeps an Underperform rating on the shares post the Q1 report. The analyst says the equity raise positions AMC for a box office recovery. Investors have concerns whether the box office can return to pre-pandemic levels, says the firm, which believes it is a question of supply, not of demand. It cites the equity raise for the target drop but says AMC’s valuation “is starting to look more reasonable.”