Lionsgate Stock Hits All-Time High on NYSE
TORONTO – Lionsgate’s stock on Thursday reached an all-time high after the mini-studio earlier in the week inked a deal with CBS for a 50/50 partnership stake in the TVGN TV network and TVGuide.com and analysts raised their price targets.
Shares in Lionsgate hit $24.10, up 18 cents or 0.78 percent in morning trading on the New York Stock Exchange, continuing an upward trajectory on the strength of box office from its Twilight and Hunger Games franchises.
Barrington Research Associates analyst James C. Goss in an investment note Thursday raised his price target for Lionsgate from $24 to $28.
That came a day after David Miller, analyst at B. Riley Caris, lifted his target price for Lionsgate stock from $27 to $28 in a research report that maintained a buy rating.
“This is a perfect strategic move by both companies, with really nothing but upside,” Miller said of the TV Guide venture between Lionsgate and CBS.
At the time of its January 2012 merger with Summit Entertainment, shares in the mini-studio hovered in the $8 range.
Lionsgate’s stock began its meteoric rise in October 2011 after senior management at the Vancouver-based company fended off billionaire investor Carl Icahn.