Chicken Soup for the Soul downgraded to Neutral from Buy at Alliance Global

Alliance Global Partners analyst Brian Kinstlinger downgraded Chicken Soup for the Soul to Neutral from Buy without a price target. Despite a steady flow of theatrical releases, revenue from the company’s kiosks was much lower than expected, the analyst tells investors in a research note. Furthermore, Chicken Soup’s streaming revenue was lower than expected, the firm contends. It does not see either of these trends changing materially during the second half of 2023. In addition, Alliance says the Hollywood strike will result in delays to theatrical releases and less continuity, creating a more challenging environment in 2024 for the disc rental business.