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Crown Castle International Corp. is a real estate investment trust, which owns, operates and leases cell towers and route miles of fiber supporting small cells and fiber solutions across United States market. The Company's segments include Towers and Fiber, which includes both small cells and fiber solutions. Its business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements. The Towers segment provides access, including space or capacity to its towers, which are geographically dispersed throughout the United States. The towers segment also reflects certain network services relating to its towers. The Fiber segment provides access, including space or capacity, to its route miles of fiber primarily supporting small cell networks and fiber solutions geographically dispersed throughout the United States.

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AMC stock slips after another analyst turns bearish, saying retail investors will eventually 'cash out and move on'

11:24 am ET November 4, 2021 (MarketWatch)

By Tomi Kilgore

Two-thirds of analysts covering AMC now recommend selling, after Wedbush's Alicia Reese downgraded the movie theater operator

Shares of AMC Entertainment Holdings Inc. were in danger of suffering their first loss in six days Thursday, after Wedbush analyst Alicia Reese turned bearish, as valuation concerns more than offset optimism about the movie theater industry.

The stock (AMC) seesawed to a loss of 0.4% in morning trading, putting them on track to snap a five-day winning streak in which it rallied 17.3%. The stock has traded within a range of down 4.1% to up 1.3% in intraday trading.

In a research note to clients, with "Apes will eventually cash out" in the title, Reese downgraded the stock to underperform, after being at neutral since March 2020. She kept her price target at $7.50, which implied about 82% downside from current levels.

Reese is now the sixth analyst of the nine surveyed by FactSet who are bearish on AMC. The other three have the equivalent of hold ratings on the stock. The average price target is $5.44.

Wedbush's downgrade comes less than a week before AMC reports third-quarter results, which are due out after the Nov. 8 closing bell. "We think pent-up demand in [AMC's] markets coupled with aggressive marketing to its patrons drove moviegoers to its screens," Reese wrote.

She is "optimistic" about the overall exhibition industry, as attendance started to "meaningfully pick up" in the third quarter as top-tier titles were released after extended delays. And the box office so far in the fourth quarter has been "very encouraging."

But her problem with AMC's stock is the price, and worries that at some point, fundamentals will win out over its "Meme" status.

"We downgrade shares of AMC to underperform on our assumption that ultimately the majority of retail ownership will eventually cash out and move on," Reese wrote.

She's just not sure when that will happen.

"Volatility in shares of AMC is likely to continue, driven by trading momentum unrelated to AMC's fundamentals by retail investors whose time horizons remain unclear," she wrote.

AMC is expected to report a third-quarter adjusted loss of 53 cents, after a loss of $8.41 a share in the year-ago period, which would be the least it lost since the fourth quarter of 2019, according to a FactSet survey of analysts. Revenue is expected to rise nearly sixfold to $713 million, the most since the first quarter of 2020.

Reese expects adjusted per-share losses of 48 cents and revenue of $760 million.

Separately, Reese upgraded fellow movie theater operator National CineMedia Inc. (NCMI) to outperform from neutral. She reiterated her $5.00 stock price target, which is about 34% above current prices.

AMC's stock has skyrocketed 1,817.0% year to date, while National CineMedia shares have edged up 0.5% and the S&P 500 index has advanced 24.4%.

-Tomi Kilgore


(END) Dow Jones Newswires

November 04, 2021 11:24 ET (15:24 GMT)

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