Benchmark analyst Mike Hickey lowered the firm’s price target on Cinemark to $17 from $22 and keeps a Buy rating on the shares as he has reduced his Q4 and FY23-FY24 growth expectations. The domestic box office and the recently released "Avatar: The Way of Water" have disappointed, said Hickey, who anticipates growth in FY23-24, regardless of a recession, and remains "optimistic" on the domestic box office recovery, but admits that the pacing of the recovery has missed his initial projections and he now models "more conservative growth estimates."
Published first on TheFly
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