Lionsgate Stock Surges to New All-Time High on Movie Pipeline
TORONTO - Lionsgate’s stock on Wednesday hit a new all-time high as analysts continue to raise their price targets on the ministudio’s movie pipeline.
Shares in Lionsgate hit $24.73, up 79 cents or 3.3 percent in late-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.
Wunderlich Securities analyst Matthew Harrigan on Tuesday raised his price target for a buy-rated Lionsgate from $23 to $28 as he looks ahead to future movie releases and continuing film-library revenue.
“Divergent is in queue for a March 2014 release, with book sales tracking ahead of Hunger Games at a comparable point. Chaos Walking is in development, along with more adult-oriented The Night Circus,” he noted in his investors note.
Lionsgate’s stock began its meteoric rise in October 2011 after senior management at the Vancouver-based company fended off billionaire investor Carl Icahn.