Cinemark price target raised to $35 from $29 at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Cinemark to $35 from $29 and keeps an Overweight rating on the shares. The firm’s increased conviction in both studio supply and consumer demand for movie going leads it to raise both box office and Cinemark estimates, the analyst tells investors. The firm, which is raising its 2026 estimate for the domestic box office to $11B, which would be nearing 2019 levels, sees double digit annual revenue growth in 2025 and 2026 for Cinemark, leading to $3.00-$3.50 of free cash flow per share in 2026.