B.Riley FBR Maintains a Buy Rating on Reading International Inc (RDI)

In a report released today, Eric Wold from B.Riley FBR maintained a Buy rating on Reading International Inc (RDIResearch Report), with a price target of $23.50. The company’s shares closed on Friday at $15.

Wold said:

“On Tuesday afternoon (11/6) ahead of the company’s International (RDI) reported 3Q18 results that came in well ahead of our estimates for total revenues and adjusted EBITDA. As previewed in our 10/8 industry note, the strength during the quarter was driven entirely by the U.S. cinema segment as the company’s renovated theaters drove significant outperformance relative to the stronger-than-expected domestic industry box office gain. According to management, the company remains in discussions with potential tenants for the Union Square property (including one that could take a significant portion of the available space), ahead of planned occupancy next year (we are assuming mid- to late-2019 revenue generation).”

According to TipRanks.com, Wold is a 4-star analyst with an average return of 4.8% and a 46.6% success rate. Wold covers the Services sector, focusing on stocks such as Cinemark Holdings Inc, National Cinemedia, and AMC Entertainment.

Currently, the analyst consensus on Reading International Inc is a Moderate Buy with an average price target of $23.50.

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Reading International Inc’s market cap is currently $345.3M and has a P/E ratio of 20.66. The company has a Price to Book ratio of 1.97.

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Reading International, Inc. is an entertainment and real estate company, which engages in the development, ownership, and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia, and New Zealand. It operates through the following segments: Cinema Exhibition and Real Estate.