National CineMedia price target lowered to 70c from $3.50 at Wedbush

Wedbush analyst Michael Pachter lowered the firm’s price target on National CineMedia to 70c from $3.50 and keeps an Outperform rating on the shares. As it restructures its operations, National CineMedia continues to see a very difficult advertising environment, a still-recovering box office, and partner screen closures, the firm notes. Wedbush thinks National CineMedia’s premium advertising slots and an industry shift toward blockbuster content set NCM up for a rebound, assuming it completes its restructuring and exits bankruptcy later this year.