Brokerage Macquarie expects no film to generate above $300 mln in 2024

Cinemark Holdings

30/11/2023 16:14

** Brokerage Macquarie cuts PTs of movie theater chains AMC
Entertainment Holdings  AMC.N  to $8, Cinemark Holdings to $21
and IMAX  IMAX.N  to $25
    ** Says it does not expect any films in 2024 to generate
above $300 mln, though several films have potential including
Deadpool 3, Mufasa: The Lion King, Inside Out 2, and Joker 2 
    ** Shares of AMC down 4.9% at $6.82, CNK down 2.9% at
$14.29; Canadian cinema chain Cineplex  CGX.TO  down 1.3% at
C$8.07, while theater operator IMAX  IMAX.N  down 2% at $15.87 
    ** Macquarie forecasts 2024 U.S. box office revenue of $8.9
bln, a decline of 2% from a year earlier, and a decline of 22%
compared with 2019
    ** Says it remains comfortable with its Q4 U.S. box office
outlook of $2.0 bln 
    ** Up to last close, AMC down ~80%, CNK up ~70% and CGX up
~1.6% YTD

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))