AMC Gained Over 6% While APE Slid Nearly 2% in Morning Trading Before Posting Its Financial Results
$AMC Entertainment(AMC)$ gained over 6% while $AMC Entertainment Preferred(APE)$ slid nearly 2% in morning trading before posting its financial results.
It will report second-quarter results after market close on Aug. 8 amid strong box-office trends and challenges in the shape of Hollywood strikes and the company's ongoing stock-conversion battle.
Wedbush expects AMC to continue raising cash with its equity while chipping away at its "massive" debt balance. AMC exited 2022 with debt of $4.949 billion, down $220.1 million from a year earlier.
Wedbush reiterated its underperform rating and $2 price target for AMC. Of eight analysts surveyed by FactSet, three have a hold rating and five have a sell rating for AMC.
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