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Shares of AMC Entertainment Holdings Inc. once surged 9% after price target doubled at Wedbush.

Wedbush analyst Michael Pachter doubled his price target ahead of the company’s earnings report, citing an increasing optimism over the post-pandemic environment.

Pachter raised his target for the stock to $5.00 from $2.50, but that target was 38% below Friday’s closing price of $8.05. He reiterated the neutral rating he’s had on AMC since March 2020, however, saying it was “tough to get positive here, despite rising industry optimism.”