These Analysts Boost Their Forecasts On Cinemark Following Upbeat Earnings

Author: Avi Kapoor | August 05, 2024 01:59pm

Cinemark Holdings Inc (NYSE:CNK) reported better-than-expected second-quarter financial results on Friday.

Cinemark reported a fiscal second-quarter 2024 sales decline of 22.1% year-on-year to $734.2 million, beating the analyst consensus estimate of $691.6 million. EPS of 32 cents beat the analyst consensus estimate of 9 cents.

Admissions revenue decreased 23.5% to $365.8 million, and concession revenue declined 21.6% to $292.9 million, driven by a 22.4% decrease in attendance to 50.0 million patrons.

"Numerous films across varied genres delivered solid results, including June's record-breaking release of Inside Out 2 – now the biggest animated title of all time – which drove cumulative Q2 box office performance beyond our expectations despite headwinds caused by last year's strikes in Hollywood," stated Sean Gamble, Cinemark President and CEO.

Cinemark shares gained 0.9% to trade at $25.08 on Monday.

These analysts made changes to their price targets on Cinemark following earnings announcement.

• JP Morgan analyst David Karnovsky maintained Cinemark with a Neutral and raised the price target from $22 to $25.
• B. Riley Securities analyst Eric Wold maintained the stock with a Buy and increased the price target from $27 to $31.
• Barrington Research analyst James Goss maintained Cinemark with an Outperform rating and raised the price target from $24 to $28.
• Roth MKM analyst Eric Handler maintained the stock with a Buy and boosted the price target from $28 to $30.
• Morgan Stanley analyst Benjamin Swinburne maintained Cinemark with an Overweight rating, while boosting the price target from $26 to $29.

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Posted In: CNK