Canaccord Genuity Upgrades Cineplex to “Buy” (CGX)
Cineplex (TSE:CGX) was upgraded by stock analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a C$42.00 price target on the stock, up from their previous price target of C$39.00. Canaccord Genuity’s target price would indicate a potential upside of 5.03% from the stock’s previous close.
A number of other firms have also recently commented on CGX. Analysts at Scotiabank reiterated an “outperform” rating on shares of Cineplex in a research note on Tuesday. They now have a C$44.25 price target on the stock. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of Cineplex in a research note on Wednesday, July 9th. They now have a C$44.00 price target on the stock, down previously from C$45.00. Finally, analysts at Hudson Square Research initiated coverage on shares of Cineplex in a research note on Monday, July 7th. They set a “buy” rating and a C$47.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of C$43.20.
Cineplex (TSE:CGX) traded up 0.50% during mid-day trading on Thursday, hitting $39.99. 544,086 shares of the company’s stock traded hands. Cineplex has a 52-week low of $37.74 and a 52-week high of $44.85. The stock has a 50-day moving average of $40.27 and a 200-day moving average of $40.92. The company has a market cap of $2.518 billion and a P/E ratio of 31.33.
Cineplex (TSE:CGX) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by $0.03. On average, analysts predict that Cineplex will post $1.52 earnings per share for the current fiscal year.
The company also recently declared a jul 14 dividend, which is scheduled for Sunday, August 31st. Investors of record on Thursday, July 31st will be given a dividend of $0.125 per share.
Cineplex Inc (TSE:CGX) owns 100% of Cineplex Entertainment Limited Partnership (the Partnership).
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