Cinemark price target raised to $23 from $20 at Wedbush

Wedbush raised the firm’s price target on Cinemark to $23 from $20 and keeps an Outperform rating on the shares. Cinemark’s post-pandemic recovery was humming until the SAG-AFTRA strike took the wind out of the box office sail, the firm notes. Cinemark faced tough industry dynamics beginning in Q4 2023 that will likely last into Q3 2024. Wedbush thinks Cinemark will continue to outperform the industry, leveraging its heightened marketing capabilities to drive its 1.2 million loyalty members to its high-quality theaters more frequently while members spend more on concessions.