Cinemark price target lowered to $17 from $18 at Roth MKM

Roth MKM analyst Eric Handler lowered the firm’s price target on Cinemark to $17 from $18 and keeps a Neutral rating on the shares. The analyst states that while Q2 box office has exceeded expectations, the firm is is lowering its projections for Q2 and 2023 second-half EBITDA to reflect a higher level of operating expenses associated with wage pressures, rising utility costs, and a higher percentage of variable rents.