Canaccord Genuity draws the curtains on Cineworld, says it´s time to sell

30th Oct 2015 11:44

(ShareCast News) - Shares in Cineworld rose by a staggering 75% over the last twelve months, driven by a fantastic slate of films during that period, but the time had come to take some money 'off the table' a leading broker said on Friday.That will reach its climax in the present quarter, with three 'blockbusters': Bond Spectre, Hunger Games: Mockingjay Part 2 and Star Wars: the Force Awakens, but so too might the gains in the stock, analysts at Canaccord Genuity said on Friday."It's time to take profits," the broker said in a research report sent to clients.Analyst Nigel Parson explained that Cineworld "traditionally under-indexes versus Odeon and Vue on blockbusters and our research suggests this quarter will be no exception."Next year´s slate is "less strong" and it could become a 'crowded trade'.The distraction from the Olympics and the UEFA European Football Championships next summer will not help either.Parson downgraded the stock to 'sell' from 'buy' and lowered his target price to 535p from 620p.