National CineMedia price target raised to $5 from 37c at Wedbush

Wedbush analyst Alicia Reese raised the firm’s price target on National CineMedia to $5 from 37c and keeps a Neutral rating on the shares. While the box office has continued to recover throughout 2023, National CineMedia faced a very difficult advertising environment that forced the company into restructuring, the firm notes. Wedbush had been very concerned about the 2023 upfronts, given jitters around the Hollywood labor strikes and uncertainty about next year’s release slate. However, upside and growth in Q3 2023 around Barbie and Oppenheimer, plus excitement around Taylor Swift in Q4 seems to have reeled in advertisers. The firm is therefore more optimistic about the coming quarters on upfront bookings, while scatter is likely to remain pressured for at least another quarter.