JPMorgan analyst David Karnovsky upgraded Cinemark to Overweight from Neutral with a $15 price target. The analyst expects the North America box office to continue its recovery in 2023 and 2024, supported by an increased supply of films from traditional studios, and incrementally streaming companies. Cinemark is well positioned to gain market share given its "strong operating history, loyalty program, and healthier financial position," Karnovsky tells investors in a research note. The analyst says recent comments from studios in support of the theatrical model also gives him greater confidence in the stability of the industry.
Published first on TheFly
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