Morgan Stanley lowered the firm’s price target on Cinemark (CNK) to $35 from $40 and keeps an Overweight rating on the shares. Continued strong box office recovery has given Cinemark greater confidence in increased investment, lowering near-term free cash flow estimates, but the firm views the recent share weakness as “a compelling buying opportunity” with expectations reset around both adjusted EBITDA margins and capital spending, the analyst tells investors in a post-earnings note.
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