Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Cinemark to $26 from $24 and keeps an Overweight rating on the shares. The firm argues that the 50% appreciation in Cinemark shares year-to-date is “misleading” as it notes that shares are down about 40% from year-end 2019. With the worst of the production delay impact on supply is now behind, the firm says it has increased confidence in the continued ramp in film supply and the relationship between film supply and box office revenues.
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