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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2019-08-09 C$ 25.60
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Globe says some Cineplex assets have found "their legs"

2019-08-12 07:31 ET - In the News

The Globe and Mail reports in its Saturday edition that CIBC World Markets analyst Robert Bek says Cineplex's non-traditional assets have found "their legs." The Globe's David Leeder writes that accordingly, Mr. Bek hiked his rating to "outperformer" from "neutral." Mr. Bek raised his share target by a loonie to $28.50. Mr. Bek says in a note: "While the shares have been too cheap for several quarters now, we held back from chasing the stock given a mixed tone from the core theatrical business and choppy results for non-traditional growth initiatives. Given a strong Q2, a stable outlook in theatrical (premium ticket growth and strong concessions offsetting modest attendance), a solid H2 film slate, and some traction in the company's growth assets, the shares are finally too cheap, in our view. While we missed the bottom on the post-Q2 bounce, we still see upside for the shares, plus a 7.4-per-cent dividend yield. ... The stock had been too cheap heading into the quarter, and even after a post-Q bounce, it still offers a compelling opportunity for investors over the next 12 to 18 months." Elsewhere, Echelon Wealth Partners analyst Rob Goff lowered his share target to $34 from $36 with an unchanged "buy" rating.

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