As exhibitors get set to report results from the last quarter of their annus horribilis, 2020, one Wall Street bull is predicting record box office in 2023.
Eric Wold, a veteran analyst with B. Riley Securities, acknowledged in a note to clients that exhibitors’ efforts to emerge from the abyss of Covid-19 have been hampered by the slower-than-expected vaccine rollout. Nevertheless, he continues to believe that pent-up demand will drive a steady burst of moviegoing once theaters reopen. Benchmarking to 2019, when domestic receipts totaled $11.4 billion, he projects that box office will drop 40% in 2021 and another 7% in 2022 before surging 7% to a new high in 2023. The previous high for domestic box office came in 2018, when it reached just shy of $11.9 billion. Wold’s report slightly lowered his outlook for 2021 and 2022 theatrical revenue.
In the note, Wold also raised his 12-month price targets on four stocks in the sector: AMC Entertainment, to $5.50 from $3.50; Imax to $28 from $26; Marcus Corp.
Eric Wold, a veteran analyst with B. Riley Securities, acknowledged in a note to clients that exhibitors’ efforts to emerge from the abyss of Covid-19 have been hampered by the slower-than-expected vaccine rollout. Nevertheless, he continues to believe that pent-up demand will drive a steady burst of moviegoing once theaters reopen. Benchmarking to 2019, when domestic receipts totaled $11.4 billion, he projects that box office will drop 40% in 2021 and another 7% in 2022 before surging 7% to a new high in 2023. The previous high for domestic box office came in 2018, when it reached just shy of $11.9 billion. Wold’s report slightly lowered his outlook for 2021 and 2022 theatrical revenue.
In the note, Wold also raised his 12-month price targets on four stocks in the sector: AMC Entertainment, to $5.50 from $3.50; Imax to $28 from $26; Marcus Corp.
- 1/26/2021
- by Dade Hayes
- Deadline Film + TV
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