After AMC Entertainment (AMC) warned on Q2 losses and pre-announced worse than expected FY17 guidance due to weak domestic box office trends and an impairment charge associated with its ownership of National CineMedia (NCMI), Wedbush analyst Michael Pachter lowered his price target on the shares to $22.75 from $36, stating that it is clear the stock will not command as high a multiple until the company demonstrates its earnings power. There could be "significant upside" for the shares within the next few quarters if the company can post EBITDA margins of 18% or higher, added Pachter, who keeps an Outperform rating on the shares, which are down 24% to $15.80 in pre-market trading.