AMC Entertainment price target lowered to $4 from $6 at Wedbush

Wedbush analyst Alicia Reese lowered the firm’s price target on AMC Entertainment to $4 from $6 and keeps a Neutral rating on the shares. AMC expanded its market share in 2023 and can expand further from its 22.5% market share with its vast network of premium large-format screens and concert movie distribution, the firm notes. AMC also has an opportunity to drive revenue growth from its European circuit with theater upgrades that would boost per-screen averages, although it is unlikely to do so until it works through balance sheet right-sizing over the next two years. The company’s heavy debt load and lack of dividends overshadow these positive factors, in Wedbush’s opinion, but AMC is focused on alleviating its debt.