National CineMedia price target lowered to $4 from $5 at B. Riley

B. Riley analyst Drew Crum lowered the firm’s price target on National CineMedia (NCMI) to $4 from $5 and keeps a Neutral rating on the shares. The firm reviewed 4Q25 and previews exhibitor earnings with a slightly more subdued but still positive outlook following a weak holiday box office, a reassessed film slate, and potential valuation pressure from Warner Bros. Discovery (WBD)-related developments, the analyst tells investors in a research note.