Wedbush analyst Michael Pachter lowered his price target for Cinemark to $40 from $45 to reflect a 7.5-times EV-to-EBITDA multiple from 8-times prior given more moderate domestic box office expectations ahead, on his updated 2020 EBITDA estimate. Industry box office was lighter than expected in Q4 and his 2020 expectations are for a mild decline. Nonetheless, the analyst continues to view Cinemark as a well-managed company with relatively stable results despite industry fluctuations. He thinks Cinemark will continue to outperform its peers domestically, while benefitting from footprint expansion and on-screen advertising in Latin America. Pachter reiterates an Outperform rating on the shares.