JPMorgan expects the latest actors strike to limit weight on shares of this movie theater chain.
The actors strike rattling Hollywood could spell trouble for shares of Cinemark Holdings in the near term, according to JPMorgan. Analyst David Karnovsky downgraded the movie theater chain to neutral from an overweight rating, viewing the strike as a near-term impediment for shares limiting box office visibility.
The move shuttered production on a slate of high-profile movies slated for next year and means actors are no longer promoting upcoming films. It marks the first tandem strike with film and television writers in more than six decades. CNK YTD mountain Share performance in 2023 "While we think the industry has demonstrated an ability to run at ~$8.5-9.0b of gross revenue, we estimate further improvement will require more wide releases," Karnovsky wrote.
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