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Shares of
AMC Entertainment (NYSE:AMC) fell 7% on Monday after Citi analyst Jason Bazinet issued a dire warning to the company s investors.
So what
Bazinet reiterated his sell rating on the theater operator s shares on Tuesday. He sees AMC s stock plunging to $2 per share. Bazinet s price forecast thus represents potential losses for shareholders of roughly 85% from the stock s current price near $13.
Analysts at Citi think you should sell your AMC Entertainment shares. Image source: Getty Images.
Bazinet acknowledged that AMC s efforts to raise cash via stock and debt sales have made it likely that it will survive the coronavirus pandemic. He also noted that recent theater reopenings in New York and California will be beneficial to AMC s recovery hopes. However, Bazinet argued that AMC s stock is overvalued at prevailing levels.