B. Riley analyst Eric Wold, who has stayed generally bullish on the movie theater business despite its recent trials, is now warning investors that the arrival of a “down box office year” has made him “increasingly cautious.” In a note to clients about his 2024 outlook, Wold wrote that he expects the stock performance of many companies in the sector to remain lackluster given the thinning of the overall release slate.
About $1 billion in projected box office revenue has shifted from 2024 to 2025, he estimates, in large part due to the impact of the dual strikes in 2023.
Wold also issued a mea culpa for previously being “too optimistic” about the speed of the expected box office recovery after the SAG-AFTRA strike was settled last fall.
Last November, he recalled, “we were willing to shift our valuation buildups to 2025 to capture the projected industry recovery path after an expected hiccup in 2024.
Read more on deadline.com
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