B. Riley analyst Eric Wold upgraded Cinemark to Buy from Neutral with a price target of $23, up from $20. With the recent pullback in shares, the “strong likelihood” of upside to Q2 estimates results in early August, and confidence in continued over-indexing relative to the exhibition peer group, the analyst is moving off the sidelines. The firm says its previous positive view on Cinemark’s “strong” positioning within the global exhibition industry recovery has not changed. The stock’s underperformance versus the Russell 2000 since Riley’s downgrade is “too much to ignore,” the analyst tells investors in a research note.
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