Despite the overhang of the Hollywood labor strikes, 'a significant bull case remains' for Cinemark, according to Morgan Stanley.
Despite the overhang of the Hollywood labor strikes, "a significant bull case remains" for Cinemark , according to Morgan Stanley. The firm said the July box office-boom from the dual release of "Barbie" and "Oppenheimer" squashes the theatrical bear case despite ongoing uncertainty from the dual labor strikes. Analyst Benjamin Swinburne raised his price target on shares to $24 to $22, suggesting 36.9% upside from Friday's close.
Although he acknowledged limited visibility on the issue, he forecasts "limited impact" of the strikes on 2024 performance, barring production remaining shut down beyond late fall. "Strikes-aside, studios continue to build back production and we expect increased film supply from both traditional and streaming studios over the next few years. We continue to expect film supply to ramp in '24 vs '23, for now, supporting ~5% box office revenue growth," said Swinburne.
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