01:13 PM EST, 12/09/2024 (MT Newswires) -- National Bank has raised its target on Cineplex ( CPXGF ) to $15, from $12.50.

Ahead of the U.S. Thanksgiving, the North American box office was sitting more than -11% below the level of 2023, notes National Bank's Adam Shine. However, after the record results of the past 12 days, the gap has been reduced to -4% per The Hollywood Reporter. Shine's forecast for Cineplex ( CPXGF ) box office revenues in 2024 sits at -5.2% y/y and -19.4% versus 2019.

"We continue to view 2024 as a critical year of transition for the movie exhibition industry which finally put lingering COVID pressures behind it as well as the prolonged effects of the Hollywood strikes that undermined film output through June," writes Shine. He thinks this summer also marked a turning point at the box office toward renewed momentum driven by a steady flow of movies which will continue into 2025.

Maintain Outperform.

Price: 12.60, Change: -0.03, Percent Change: -0.24