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AMC soars in the stock market after announcing the reopening of its cinemas in Los Angeles

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After a year with the blinds drawn, the theaters of the AMC chain have reopened their doors this Monday in Los Angeles. The news has been widely celebrated on the New York parquet and its shares have shot up 25.63% up to $ 14.02.

The reopening takes place the same day that the names of the films that are going to be nominated for an Oscar have been known. The pandemic has caused the vast majority of the titles have been screened on streaming channels.

However, analysts are optimistic about movie theaters and believe that once vaccines are more widespread the public will return to the more traditional system.

The optimism is such that Macquarie analyst Chad Beynon has revised his position at AMC and raised his price target to $ 5 from the previous $ 4. They currently trade around $ 13.

AMC has explained in a statement that the reopening in California "is a momentous occasion for AMC Theaters, for our guests, for our associates, for our studio partners and for the entire theater industry industry. "

B. Riley's analyst Eric Wold also maintains confidence in the industry. "We remain positive on the industry outlook as viewers increasingly return to theaters andn the next 12-24 months", he explained in a statement.

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