AMC Entertainment stock jumped over 15% at open in a down market Wednesday at open after execs outlined global opening plans at a conference call late yesterday afternoon. Share had popped by over …
Entertainment stock jumped over 15% at open in a down market Wednesday at open after execs outlined global opening plans at a conference call late yesterday afternoon. Share had popped by over 17% in premarket trade.
Wall Street analysts, however, remained cautious, with Eric Wold of B Riley FBR focusing on how receptive consumers will be to returning to theaters, how robust the film slate remains, and the level of impact from attendance restrictions. He’s staying neutral on the stock but raised his price target from $4 to $5 a share given its recent runup.
He did note that, as per executive comments on the call, last year AMC operated at 17% capacity utilization across its circuit — indicating only a minority of showtimes would be impacted by even 25% attendance caps due to social distancing guidance.
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