Cinemark down after brokerage Wells Fargo downgrades to 'underweight'

Cinemark Holdings

20/12/2023 11:25

** Shares of cinema operator Cinemark Holdings  CNK.N  down
2.3% at $14.58 premarket 
    ** Brokerage Wells Fargo downgrades to "underweight" from
"equal weight" and cuts PT on the stock to $13 from $16 
    ** Brokerage lowers 2024 box office outlook to $8.1 bln,
below Wall Street's expectations of between $8.7 bln and $8.8
bln
    ** Notes there is a weak slate of films through the
beginning of 2024
    ** Average rating of 11 analysts covering the stock is
"buy," their median PT is $20 - LSEG data
    ** Up to last close, stock had risen ~72% this year

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