AMC Entertainment resumed with a Sell at Citi

Citi analyst Jason Bazinet resumed coverage of AMC Entertainment with a Sell rating and $1.60 price target. The analyst suspects AMC may be able to reduce its leverage as the U.S. box office recovers and via equity issuance, but believes the common equity is overvalued at prevailing levels. AMC’s net leverage remained elevated in 2022, the analyst tells investors in a research note.