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Cinemark Analyst Downgrades Stock on Film Slate, Reopening, Brazil Issues

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hollywoodreporter.com

B. Riley FBR analyst Eric Wold on Monday downgraded his rating on shares of exhibition giant Cinemark from "buy" to "neutral," citing "continued uncertainty around key state opening timelines and [the] second-half film slate and [a] worsening COVID-19 situation in Brazil." He cut his price target on the stock from $16 to $13. "Even though we only recently upgraded Cinemark to 'buy' on April 6 after being on the sidelines for nearly five months, we have since become increasingly concerned around the potential for a second-half 2020 rebound as well as the company's exposure to Brazil as the COVID-19 pandemic worsens in that country," Wold wrote. "Since our upgrade, Cinemark shares have gained about 42 percent compared to an average gain of.

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