{"id":65730,"date":"2023-09-26T16:27:40","date_gmt":"2023-09-26T20:27:40","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/citi-cuts-amc-price-target-to-4-75-from-15-50-reiterates-sell-rating\/"},"modified":"2023-09-26T16:27:42","modified_gmt":"2023-09-26T20:27:42","slug":"citi-cuts-amc-price-target-to-4-75-from-15-50-reiterates-sell-rating","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65730","title":{"rendered":"Citi cuts AMC price target to $4.75 from $15.50, reiterates sell rating"},"content":{"rendered":"
\n

Citi reiterated its sell rating for AMC Entertainment Holdings Inc.\u00a0Tuesday and cut the stock\u2019s price target to $4.75 from $15.50, citing the company\u2019s recent stock split, APE conversion and equity raise.<\/p>\n

Earlier this month AMC
\n AMC,
\n -2.83%<\/bg-quote>
\n announced the completion of its at-the-market equity offering, raising approximately $325.5 million. The movie-theater chain and meme-stock darling said that the equity offering boosts its cash reserves, addresses current liquidity concerns, and fortifies the balance sheet.\u00a0<\/p>\n

\n

It has been an eventful few months for AMC. In August the AMC\u2019s stock underwent a\u00a01-for-10 reverse stock split\u00a0and the company also completed the\u00a0conversion\u00a0of its AMC Preferred Equity units to common stock.<\/p>\n

Related: <\/strong>Hollywood writers\u2019 strike deal lifts movie theater and streaming stocks<\/p>\n

\u201cWe are updating our model to reflect AMC\u2019s 10-1 reverse stock split, the conversion AMC Preferred Equity Units (APE) to AMC common, and AMC\u2019s recent equity raise,\u201d wrote Citi analyst Jason Bazinet, in Tuesday\u2019s note. \u201cFollowing our update, our target price goes from $15.50 to $4.75. We maintain our Sell rating.\u201d<\/p>\n

Of seven analysts surveyed by FactSet, four have a hold rating and three have a sell rating for AMC.<\/p>\n

Shares of the movie theater chain and meme stock darling fell 2.5% Tuesday, outpacing the S&P 500 index\u2019s decline of 1.3%. AMC\u2019s stock has fallen 27.2% in the last month, compared with the S&P 500\u2019s decline of 4.8%.<\/p>\n

Related:<\/strong>\u00a0AMC equity offering is a \u2018safety net\u2019 and a chance to reduce debt balances, analyst says<\/p>\n

Shares of AMC ended Monday\u2019s session up 6.8%, one of a number of movie theater and streaming stocks lifted by the Hollywood writers\u2019 strike deal.<\/p>\n

AMC CEO Adam Aron described the Writers Guild of America\u2019s tentative agreement to end the strike as a cause for celebration. Analysts have\u00a0highlighted the possible impact\u00a0of the Hollywood writers strikes on AMC, with B. Riley Securities analyst Eric Wold\u00a0warning\u00a0that the strikes could potentially put the 2024 film slate at risk.<\/p>\n

On Tuesday AMC announced that it is bringing the eagerly-anticipated \u201cTaylor Swift The Eras Tour\u201d concert film to more than 100 countries, starting Oct.13. AMC recently announced that the concert film had shattered the company\u2019s record for U.S. single-day advance ticket sales, with $26 million in ticket revenue sold on Aug. 31. The movie will hit every location of AMC\u2019s ODEON Cinemas subsidiary in Europe and every AMC theater in the U.S. starting Oct. 13, the company said.<\/p>\n

Related: <\/strong>Taylor Swift\u2019s \u2018Eras Tour\u2019 movie is already setting records for AMC<\/p>\n

Last month, analyst firm Wedbush\u00a0upgraded\u00a0AMC to neutral from underperform, citing the reverse stock split, conversion of AMC Preferred units into common stock and \u201can improving industry backdrop.<\/p>\n

AMC describes itself as the largest movie-exhibition company in the U.S. and the world, with approximately 900 theaters and 10,000 screens across the globe.<\/p>\n

The movie-theater chain has been on a roller-coaster ride over the past few years that took it from a beleaguered pandemic victim to a meme-stock phenomenon.\u00a0AMC used the steep rise in its share price to tap into equity and debt markets, raising\u00a0$917 million\u00a0in January 2021<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Citi reiterated its sell rating for AMC Entertainment Holdings Inc.\u00a0Tuesday and cut the stock\u2019s price target to $4.75 from $15.50, citing the company\u2019s recent stock split, APE conversion and equity raise. Earlier this month AMC AMC, -2.83% announced the completion of its at-the-market equity offering, raising approximately $325.5 million. The movie-theater chain and meme-stock darling […]<\/p>\n","protected":false},"author":1,"featured_media":38986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-65730","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCiti cuts AMC price target to $4.75 from $15.50, reiterates sell rating | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Citi reiterated its sell rating for AMC Entertainment Holdings Inc.\u00a0Tuesday and cut the stock\u2019s price target to $4.75 from $15.50, citing the company\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=65730\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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