AMC Entertainment earns an upgrade at Wedbush
Wedbush upgraded AMC Entertainment (NYSE:AMC) to Neutral from Underperform and raised its price target of $19.00 from $2.00 following reverse stock split and conversion of preferred share units into common stock.
According to Wedbush, the company is well-positioned considering the positive industry trends.
“We expect 2023 North American box office to end up 20% over 2022, or ~78% of 2019 box office, with AMC at least maintaining its 22% market share if not expanding with its vast network of premium large format screens.”
Shares fell more than 70% since the start of the month due to concerns arising from the approval of a rescue deal that will allow the company to issue additional shares for the purpose of raising capital.
Prudential Financial gains on Raymond James upgrade
Prudential Financial (NYSE:PRU) shares rose more than 2% yesterday after Raymond James upgraded the company to Strong Buy from Market Perform with a price target of $125.00.
The firm anticipates that Prudential Financial will re-rate as it demonstrates the success of its transformation strategy and the potential for increased share repurchases, acting as a catalyst.
Two more upgrades
Wolfe Research upgraded Discover Financial Services (NYSE:DFS) to Outperform from Peerperform with a price target of $104.00.
“We view DFS as a 25% ROTCE generator in normal times and believe recent underperformance fueled by internal control and risk management deficiencies that will ultimately be remediated create a buying opportunity.”
Morgan Stanley upgraded Abercrombie & Fitch (NYSE:ANF) to Equalweight from Underweight and raised its price target to $51.00 from $18.00, given an improved operating model, updated DCF assumptions, and a change in methodology to the midpoint of its bull and base cases.
