Why Cinemark Stock Jumped Today
Shares of Cinemark Holdings (NYSE: CNK) have jumped today, up by 9% as of 12:10 p.m. EDT, after the theater operator received a bullish rating from Wall Street. Imperial Capital reiterated an outperform rating on Cinemark stock.
Analyst David Miller tweaked his price target on shares, lowering his valuation estimate from $26 to $24 based on reduced estimates for the company's operations in Brazil due to worsening coronavirus conditions in the country. Brazil has become the second-hardest hit country behind the U.S., with approximately 375,000 cases of COVID-19 and over 23,000 deaths as of Monday. Cinemark is the largest theater chain in Brazil, with 86 theaters operating 633 total screens.
People aren't going to movie theaters during the COVID-19 pandemic. Image source: Getty Images.
Source Fool.com
