U.S. Markets closed

AMC shares jump 2.3% after B. Riley upgrades to buy

Ciara Linnane

B. Riley analyst Eric Wold upgraded AMC Entertainment Holdings Inc. to buy from neutral on Monday, and said he's increasingly upbeat on the company's Stubs A-List subscription program. Wold downgraded AMC in January on concerns about margin and usage risks around the program but said he would revisit the issue as he gained more visibility into the program. "We believe the impressive advance ticket sales for "Avengers: Endgame" signals the start of the spring/summer period and we are increasingly optimistic around the potential contribution of Stubs A-List with our updated analysis after meeting with management at CinemaCon last week," Wold wrote in a note to clients. "And with our expectation that the upcoming film slate and Analyst Day will prove to be positive catalysts for the shares, we are moving off the sidelines." AMC shares rose 2.3% in early trade and have gained 24.8% in 2019 so far, while the S&P 500 has gained 15.2%.