AMC Entertainment Could Go "Sharply Higher" as Analyst Hikes Price Target to $16

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AMC Entertainment Could Go "Sharply Higher" as Analyst Hikes Price Target to $16

After a secondary stock offering netted AMC Entertainment Holdings (NYSE: AMC) some $428 million, one analyst thinks the theater operator's finances are increasingly solidifying and that could send its stock "sharply higher." A confluence of events caused B. Riley analyst Eric Wold to raise his price target on AMC to $16 from $13 and reiterate his buy rating on the stock. Back in January, AMC had been scrambling to cobble together $1 billion from lenders to stay afloat when it seemed likely it would declare bankruptcy, but it has been able to take advantage of a soaring stock price due to a massive short squeeze.