Cinemark price target lowered to $33 from $36 at Wells Fargo

Wells Fargo analyst Omar Mejias lowered the firm’s price target on Cinemark (CNK) to $33 from $36 and keeps an Overweight rating on the shares. The firm notes the company continues to outperform industry results with strong execution plus growth in ATP/per caps. While the DBO has an air pocket in August/September, Wells expects the slate to accelerate into year-end. Wells believes Cinemark will become more aggressive with capital returns going forward.