Why AMC Stock Is Soaring Today
Shares of AMC Entertainment (NYSE: AMC) are jumping on Friday, up 10.6% to $3.32 as of 2:05 p.m. ET. At that point in the session, the S 500 was off by about 0.2% and the Nasdaq Composite was flat.
A ratings upgrade from Wedbush analyst Michael Pachter appeared to be the driving force behind the movie theater chain's stock move.
On Friday morning, Wedbush's Pachter upgraded AMC shares from neutral to outperform and raised his 12-month price target on the stock from $3 to $4. The analyst cited an upcoming film release schedule that's more consistent than what we've seen recently. He also pointed to AMC's lead in premium screens in North America as an advantage that could help it capture more market share, as well as the company's expansion plans in the U.K. and the European Union.
Source Fool.com
