01:26 PM EST, 03/06/2024 (MT Newswires) -- BMO is reinstating research coverage following a balance sheet restructuring at Cineplex. CGX effectively extended maturity dates on high yield notes and convertible debentures, redeemed one third of outstanding convertible debentures and secured a covenant-lite credit facility.

Analyst Tim Casey notes that Cineplex's Q4 revenues and EBITDAaL missed expectations by -2% and -22%, respectively. Box office performance should improve through 2024 as the release schedule normalizes, with Q4 offering easy comps.

The company is planning to open three LBE locations and one theatre in H2/24.

Raising target to $12.50 (from $11.50). Reiterate Market Perform.

Price: 7.81, Change: +0.02, Percent Change: +0.26