Cinemark price target lowered to $16 from $20 at Roth MKM

Roth MKM analyst Eric Handler lowered the firm’s price target on Cinemark to $16 from $20 and keeps a Neutral rating on the shares. The analyst is citing the pushed out release dates for a number of major movies in reducing the firm’s Q4 and 2024 estimates. Cinemark’s considerable post-pandemic recovery is likely taking a step back next year before regaining momentum in 2025, the firm tells investors in a research note. Roth MKM contends that in 2025, the movies pushed out of 2024 combined with a deep slate highlighted by Superman: Legacy, The Batman: Part II, Wicked 2, and Mufasa: The Lion King should fuel a strong rebound for Cinemark.