Analyst Predicts Two Consecutive Years of Box Office Drops, Cuts Exhibitor Stocks Price Targets

, we now believe fourth-quarter box office could be relatively flattish year-ver-year versus consensus expectations for a mid-single-digit increase ... This could lead to a full-year 2019 box office decline of around 4.0 percent."from 2020 to 2021, he has also been projecting a low- to mid-single-digit box office decline for 2020.

Wold explained his Cinemark downgrade from "buy" to "neutral" this way: "While we have become increasingly optimistic around improving results for the Latin American circuit after years of attendance declines, we believe that short-term domestic box office movements are more likely to influence valuation decisions over the next 6-12 months." He cut his price target on the stock from $46.50 to $37.

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