National CineMedia's stock price has nearly quadrupled in two days, as the company's bankruptcy filing was offset by an upbeat revenue outlook.
Shares of National CineMedia Inc. have more than quadrupled in two days, as Wall Street appeared to shrug off the in-theater advertising company’s bankruptcy filing, and focused instead on the upbeat revenue outlook.
“Despite a difficult advertising environment and a still-recovering box office, NCM [National CineMedia] is well-positioned within the ad delivery ecosystem as theatrical attendance is beginning to meaningfully rebound,” Wedbush analyst Alicia Reese wrote in a note to clients. “We think NCM is fundamentally set up to rebound to pre-pandemic levels over time, with its premium and platinum inventory,” Reese added.
Within NCM’s bankruptcy announcement, that company provided a preview of fourth-quarter results: “[N]CM Inc. experienced increasing demand as more brands returned to cinema advertising to target young, diverse, and highly engaged moviegoing audiences as part of their overall media buys.” NCM also expects to report operating income growth of 251.3%, while the average FactSet estimate was for a 66% drop, to $2.7 million from $8.0 million.
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