Cineverse price target lowered to $9 from $10 at Benchmark

Benchmark analyst Daniel Kurnos lowered the firm’s price target on Cineverse (CNVS) to $9 from $10 and keeps a Speculative Buy rating on the shares. While the firm had been hopeful that the next slate of films that Cineverse had cheaply acquired to follow their new blueprint would aggregate to the same level of revenue and profitability as Terrifier 3, “the bar was just set too high,” the analyst tells investors. The firm is using the quarter as an opportunity to reset expectations for Cineverse this year, bringing its EBITDA forecast in by $5M, the analyst noted.