National CineMedia upgraded to Buy from Neutral at B. Riley

B. Riley analyst Eric Wold upgraded National CineMedia to Buy from Neutral with a price target of $6.75, up from $4.50. The company’s Q4 results came in ahead of consensus estimates for both revenue and AOIBDA, the analyst tells investors in a research note. The firm says the combination of record-setting revenue per patron and the benefits from a more optimized cost structure “came as an added boost.” Riley expects National CineMedia’s increasing advertising demand tailwinds and improved operating margin flow through is likely to become stronger as the industry box office recovery resumes in 2025.