AMC Entertainment stock fell 5% After yesterday's surge.The shares surged 13% yesterday on B. Riley analyst raised his rating to buy from neutral, and boosted his price target.
B. Riley analyst Eric Wold said it's time to buy, citing an improving balance sheet outlook and as a strong opening weekend for 'Godzilla vs. Kong' pointed to a resurgence in demand.
Wold raised his rating to buy from neutral, and boosted his price target to $13, which is 39% above Thursday's closing price, from $7.
"We have remained impressed with management's ability to weather the pandemic headwinds by both strengthening the balance sheet and negotiating with landlords to improve the cash runway into 2022," Wold wrote in a note to clients. "And as the largest exhibitor in North America that also operates the highest number of IMAX screens, we view AMC as well positioned to benefit from the industry's projected resurgence and return to pre-pandemic attendance levels by 2023."
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