Cinemark price target raised to $19 from $17 at JPMorgan

JPMorgan raised the firm’s price target on Cinemark to $19 from $17 and keeps a Neutral rating on the shares. Ahead of the company’s earnings report the firm updated box office forecasts and estimates. JPMorgan slightly raise its 2024 North America box estimate to $8.287B to reflect the outperformance of Kung Fu Panda 4 and Godzilla x Kong: The New Empire in Q1, as well as the intra-year additions of Moana 2 and a number of smaller films onto the slate, mostly offset by the delays of a few larger films into 2025. Its estimates for Cinemark’s Q1 moved higher given the better industry result in the quarter.