National CineMedia resumed with a Neutral at B. Riley

B. Riley analyst Eric Wold resumed coverage of National CineMedia with a Neutral rating and $4.50 price target. The firm, which previously discontinued coverage in March as the company moved toward a potential Chapter 11 bankruptcy filing as one founding member pushed for more favorable terms with its advertising agreement, believes National CineMedia emerged from the prearranged filing with a strengthened balance sheet and eliminated the risk of needing to renegotiate advertising agreements with its other two founding exhibitors, the analyst tells investors.