Cinemark has surged by 10% in the early hours of trading today because the stock got a vote of confidence.
Benchmark analysts upgraded the stock to buy.
It’s an interesting upgrade in a name and industry that has been severely roughed-up, and arguably left for dead.
The team at Benchmark is optimistic consumers will return to theaters in coming months, helped by a strong slate of film, a desire for a return to normalcy, and an elevated need for escapism.
The $18 price target suggests nearly 60% upside from yesterday’s close. Cinemark (NYSE:CNK) is up 2.6% premarket to $11.44.