Cinemark price target raised to $20 from $15 at B. Riley

B. Riley analyst Eric Wold raised the firm’s price target on Cinemark to $20 from $15 and keeps a Buy rating on the shares. Domestic box office revenues for Q1 of $1.72B came in 2% above the firm’s projection of $1.68B, the analyst tells investors in a research note. The quarter demonstrated continued improvement in slate demand diversity and reduced box office concentration at the top, says the firm. It believes the pace of theatrical releases is improving into a "strong" Q2 slate. B. Riley raised price targets for the exhibition group to reflect improved optimism on the box office outlook into 2024.