National CineMedia initiated with a Buy at Texas Capital

Texas Capital initiated coverage of National CineMedia (NCMI) with a Buy rating and $7.50 price target The firm says domestic box office revenues are “primed for a solid double-digit percent increase” in 2025 as the post-pandemic recovery continues. The exhibitors have the potential to return to pre-pandemic adjusted EBITDA levels by 2026, even if total industry attendance remains below pre-pandemic levels, the analyst tells investors in a research note.