B.Riley FBR Sticks to Their Buy Rating for Reading International Inc (RDI)

B.Riley FBR analyst Eric Wold maintained a Buy rating on Reading International Inc (RDIResearch Report) today and set a price target of $23.50. The company’s shares closed yesterday at $15.29.

Wold wrote:

“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. While we will most likely get some level of update from Friday’s pre-recorded call, indications from the 10-Q are that discussions with potential tenants for the Union Square property, ahead of an early 2019 potential occupancy, remain ongoing.”

According to TipRanks.com, Wold is a 4-star analyst with an average return of 7.6% and a 49.5% success rate. Wold covers the Services sector, focusing on stocks such as Cinemark Holdings Inc, National Cinemedia, and AMC Entertainment.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Reading International Inc with a $23.50 average price target.

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Based on Reading International Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $5 million. In comparison, last year the company had a net profit of $1.56 million.

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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.