31.27
price up icon0.58%   0.18
after-market After Hours: 31.27
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Why is Cinemark Holdings Inc (CNK) Stock down?

20 Dec, 2023:

Shares of Cinemark Holdings Inc (CNK) dropped by 5.29% from $14.93 to $14.14 in the trading on Wednesday, December 20, 2023. The reason why CNK down today is due to Wells Fargo downgrading the stock from Equal-Weight to Underweight and reducing the price target from $16 to $13 per share. Wells Fargo analysts downgraded CNK due to a negative outlook on the box office's future performance. They revised their CY24 DBO (Domestic Box Office) forecast downward by -10%, believing that the Street's FY24 estimates were overly optimistic. Wells Fargo expected further downward pressure on Cinemark shares in the near term due to these revisions and a weak film lineup projected for early 2024. Their '24 revenue and EBITDA estimates for Cinemark were -7% and -14% compared to Street estimates.

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