A new wave of delays of film releases has put pressure on exhibition stocks again and brought new uncertainty
While some may think this could mean a buying opportunity for depressed stocks, Wall Street observers are actually recommending few sector stocks to investors until the dust settles further.
This is where Imax's "highly variable operating cost" structure stands out, Wold explained, saying that he projects "cash visibility of nearly two years ... even under a zero-revenue environment." Pachter added: "The potential for prolonged theater closures and an uncertain consumer environment as the economy re-opens present a difficult challenge for Cinemark to navigate," but highlighted that the firm's management "has demonstrated that it can withstand closures and/or low utilization until early 2021."
Continued shifts in the release schedule are something analysts are keeping a close eye on. "Infections are up, the curve is inflecting upward instead of flattening, and a rollback of reopenings is likely," Pachter tells about the current virus pandemic trends in the U.S. "I don’t see the studios behaving irresponsibly by releasing films with no chance of an audience."from Aug. 14 to Oct. 2 andfrom November to May 2021.
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