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.
Source Fool.com