Goldman Sachs has given AMC Entertainment (NYSE:AMC) a new price target of $175 per share, a 2,802.15% gain from today’s current share price of $5.16.
MarketBeat reports that on July 24, Goldman Sachs gave AMC Entertainment a ‘Boost Target’ action and ‘Buy’ rating with a whopping price target of $175.
According to the issued ratings of 5 analysts in the last year, the consensus rating for AMC Entertainment stock is Strong Sell based on the current 3 sell ratings, 1 hold rating and 1 buy rating for AMC.
The average twelve-month price prediction for AMC Entertainment is $36.72 with a high price target of $175.00 and a low-price target of $0.50.
Other analysts are predicting an upside of 579.84% based on their 12-month price targets for AMC Entertainment stock.
This report is the latest AMC stock prediction though it is unknown as to why exactly these number figures are being predicted.
One big reason can be the gradual growth and innovation of the movie theater industry.
This past weekend, AMC broke a new weekend high record in 4 years as “Barbenheimer” produced results bigger than expected.
“The box office powered to its fourth-biggest weekend in history with over $300 million industrywide”, said Variety.
An AMC price prediction to $175 is quite impressive, but will apes settle or demand more from the market?
Here are some of the latest developments from AMC Entertainment.
AMC CEO Reiterates the Importance of Raising Equity
Today’s lawsuit has kept the company from splitting as well as from converting its APE shares into common stock.
Still, there are several shareholders who oppose AMC’s reverse split, primarily because of its dilutive nature as seen with Mullen Automotive and Vinco Ventures.
“Assuming that the judge approves the settlement, which sometime in the next I wouldn’t say days or weeks but probably months, 2, 3, 4, months, then we can actually implement your suggestions.
And when we do that, I said there was one caveat right, the caveat is we need this judge to approve the settlement.
But when she does, if she does, but when she does, I hope she does, that means that I know in my heart of hearts for the first time in three years I can relax; because I will know then that we made it.
Because no matter what the world throws at us, Bubonic Plague, Dengue Fever, whatever the world throws at us, we’ll be able to raise the money we need to survive it,” said Adam Aron at a showing.
Recently, the CEO released the following statement in a new letter:
“AMC must be in a position to raise equity capital. I repeat, to protect AMC’s shareholder value over the long term, we MUST be able to raise equity capital.
That is especially the case now with the added uncertainty caused by the writers and actors strikes, which could delay the release of movies currently scheduled for 2024 and 2025.
If we are unable to raise equity capital, the risk materially increases of AMC conceivably running out of cash in 2024 or 2025, or of AMC being unable to satisfactorily refinance and stretch out the maturity of some of our debt (which is required of us beginning as early as 2024.)”
What are your thoughts on Goldman Sachs giving AMC a price prediction of $175 per shares?
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