AMC boosted by foot traffic rebound and Gen Z, says research
AMC Entertainment Holdings Inc., Cinemark Holdings Inc. and Cineworld Group Plc.’s Regal Cinemas are benefiting from a rebound in cinema attendance, according to an analysis of foot traffic by analytics company Placer.ai.
In a recent report, Placer.ai noted that cinema attendance has climbed significantly since January 2021, when the cinema industry was wrestling with the disruption caused by the COVID-19 pandemic. As of February 2023, attendance is tracking at more than 322% above January 2021’s level, according to the research.
AMC’s AMC stock rallied more than 30% in three days last week, boosted by the movie-theater chain and meme-stock darling’s Easter weekend attendance. That was driven by the box-office performance of Universal Pictures’ “The Super Mario Bros. Movie” and Amazon Studio’s “Air,” which chronicles the creation of the Air Jordan basketball shoe.
Also read: Latest twist in AMC APE stock-conversion saga more of a ‘hurdle’ than a ‘roadblock’: analyst Placer.ai also noted that the Gen Z demographic has not yet reached its peak earning potential. “Gen Z’s excitement for movie-going indicates the potential for theaters to have continued success,” the company said.
Macquarie raised its Cinemark price target to $18 from $15 and its Imax Corp. IMAX price target to $23 from $22. Imax is Macquarie’s top theater pick for 2023, with the analyst firm citing the company’s strong projector backlog, diversified content of local language and blockbusters, and strong balance sheet. “[Cinemark] is our second-favorite name given its clean balance sheet, superior margins, better theatre locations , and a top-notch management team,” wrote Beynon.
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