AMC Stock Slides over 4% as Citi Claims AMC Entertainment Is Worth Less Than $5

InvestorPlace2023-09-28

Citigroup recently reiterated its “sell” rating on AMC Entertainment stock with a price target of $4.75 per share.AMC stock fell on the news, but shares still trade near the $8 mark.Taylor Swift may ...

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AMC lives. But AMC stock is not the investment it once was.Before the pandemic, AMC Entertainment was a stable, dividend-yielding stock with $5 billion in annual turnover. Now, it’s a debt-laden operation with 20% less revenue, subject to the costs of new technology and more competition than ever from people’s living rooms.","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AMC":"AMC院线"},"translate_title":"AMC股价下跌超过4%，花旗声称AMC院线价值不到5美元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMC":1.1},"content_text":"Citigroup recently reiterated its “sell” rating on AMC Entertainment stock with a price target of $4.75 per share.AMC stock fell on the news, but shares still trade near the $8 mark.Taylor Swift may be one of the company’s only hopes in the near term.Citigroup recently dropped its price target on AMC Entertainment from $15.50 to $4.75 per share, reiterating a “sell” rating for shares. AMC stock fell more than 4% on the news Wednesday.The price of AMC stock has been slashed more than 50% since AMC absorbed its APE preferred shares as common stock and executed a 1-for-10 reverse stock split a month ago.The bad news on the analyst front was offset against the end of the writers’ strike. However, Hollywood still hasn’t settled the current strike by actors.Saving AMC EntertainmentSaving AMC Entertainment, the largest U.S. theater chain, may be more important to Hollywood than ending the strike. Without theaters, movies have no distribution other than streamers, which pay a relative pittance.Since the pandemic, AMC CEO Adam Aron has been in extreme survival mode, selling stock and debt to keep the chain alive while waiting for product. This has included rooting for small traders squeezing institutional short sellers. It has also meant selling more shares and resulted in the creation of the APE preferred shares.The 2021 frenzy that helped AMC fight the shorts — and which led to the takeover of GameStop — became the movie Dumb Money, which opens this weekend.Now, while waiting for the writers to turn out new blockbusters like Barbie, Aron has hit upon a new plan to fill seats: Concert films. This will start next month with Taylor Swift | The Eras Tour, but the hope is more will follow.What Happens Next?Adam Aron seems to have achieved his goal. AMC lives. But AMC stock is not the investment it once was.Before the pandemic, AMC Entertainment was a stable, dividend-yielding stock with $5 billion in annual turnover. 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