An analyst now increases AMC EPS estimates for Q3 2024 after the company announced a record breaking Q2 in August.
CEO Adam Aron said AMC Entertainment Holdings Inc. had the best Q2 June in its 104-year-old history.
The company was also able to secure more than $770 million in cash equivalents by the end of the second quarter.
The “box office is making a come back”, said Adam Aron during the Q2 earnings call.
AMC Entertainment Holdings, Inc. (NYSE:AMC) saw its Q3 2024 earnings per share (EPS) estimates raised by analysts at B. Riley in a research note released to investors on October 3.
Analyst E. Wold now anticipates that AMC will report earnings of ($0.01) per share for the quarter, an improvement from the previous estimate of ($0.11), per Market Beat.
The consensus estimate for AMC’s full-year earnings currently stands at ($1.36) per share.
B. Riley has also projected AMC’s Q4 2024 earnings at ($0.08) EPS, with FY2024 earnings expected at ($1.30) EPS.
For Q1 2025, they estimate earnings of ($0.55) EPS, followed by ($0.08) EPS for Q2 2025, ($0.07) EPS for Q3 2025, and FY2025 earnings at ($0.44) EPS.
AMC last reported its quarterly earnings on August 2, where it posted an EPS of ($0.43), matching consensus expectations.
The company generated $1.04 billion in revenue for the quarter, slightly surpassing analyst projections of $1.03 billion, although this represented a 23.1% decline compared to the same quarter last year.
AMC has also received various other analyst reports.
Morgan Stanley reduced its target price for AMC shares from $11.00 to $10.00, assigning an “underweight” rating in a report on August 12.
Wedbush maintained a “neutral” rating with a target price of $4.00 on August 5, while Macquarie increased its price target from $3.50 to $4.00, giving the stock an “underperform” rating on July 9.
Benchmark reiterated a “hold” rating on August 5.
Currently, four analysts have rated AMC stock as a sell, while three have given it a hold rating.
According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $5.70.
However, this is just ‘industry jargon’ as the stock is held primarily by retail investors, who continue to remain bullish on the stock.
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Also Read: 6 Companies Have Now Increased Their Stake in AMC Entertainment
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