Shares of AMC Entertainment Inc. were up 1.6% in morning trade on Monday after the company’s stock was upgraded to outperform by analysts at FBR & Co. Lead analyst Barton Crockett wrote in a note to clients that AMC’s quick completion of its $964 million acquisition of Nordic Cinema Group and its opportunity to outperform its peers in revenue, thanks in part to re-seats, are key points in upgrading the stock. Crockett also increased his 12-month price target to $37 from $33. “Additionally, this looks like a comparatively stronger year for Imax movies than last year, a helpful backdrop fro Imax-exposed AMC,” Crockett wrote. “So we assume that in most quarters this year, AMC can outperform industry domestice box office trend on a comparable basis on its domestic screens.” AMC shares have gained more than 11% in the last 12 months, while the S&P 500 index is 14% during the same period.
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