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.

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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.

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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.