Barrington Research analyst James C. Goss has reiterated the Market Perform rating on the shares of AMC Entertainment Holdings Inc (NYSE: AMC).
AMC reported strong Q3 earnings, above Street estimates. The softer film slate in the second half of Q3 offset a strong start, which featured carryover product from Q2, such as Top Gun: Maverick, as well as the July release of Minions: The Rise of Gru, and Thor: Love and Thunder.
There is a robust slate of blockbusters, though the overall pace of releases appears to still be building back to a more normalized level, said the analyst.
Goss said AMC is the largest operator of Imax Corp (NYSE: IMAX) IMAX and Dolby Cinema screens.
The company also has its own PLF format, AMC Prime. With a blockbuster-heavy slate, PLF formats have done well in attracting consumers for a premium experience at a premium price.
He cited AMC has made efforts to grow the theatrical business and extend beyond traditional operations, including home delivery of concessions and retail sales of AMC-branded microwave popcorn. A branded credit card is targeted for the Q1 launch.
AMC is also seeking to leverage its circuit footprint with its recent Zoom Video Communications, Inc. (NASDAQ: ZM) Zoom partnership to expand its meetings business with a function it feels would be of value to decentralized workforces.
Related: How To Trade AMC Entertainment Stock Before And After Q3 Earnings
Price Action: AMC shares are trading higher by 12.89% at $6.92 on the last check Friday.
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Latest Ratings for AMC
Date | Firm | Action | From | To |
|---|---|---|---|---|
Nov 2021  | Wedbush | Downgrades | Neutral | Underperform |
Sep 2021 | Macquarie | Downgrades | Neutral | Underperform |
Jun 2021 | Wedbush | Maintains | Neutral |
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Source: https://finance.yahoo.com/news/amc-entertainments-prospects-bright-despite-183702636.html