National CineMedia (NCMI) stock plummeted 10.24% in the intraday trading on Friday, following an analyst price target cut.
Barrington Research analyst Patrick Sholl lowered the firm's price target on National CineMedia to $7 from $8.25, while maintaining an Outperform rating on the stock. The reduced price target appears to have weighed on investor sentiment, causing the sharp sell-off in NCMI shares.
While the specific reasons behind the price target cut were not immediately clear, the move likely reflects Barrington's revised expectations or concerns regarding National CineMedia's future prospects or fundamentals. Analysts often adjust their price targets based on factors such as changing industry dynamics, competitive landscape, or the company's financial performance and outlook.
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