In the wake of Godzilla vs. Kong's bigger-than-expected opening weekend at the domestic box office, stocks for the theatrical exhibition chain AMC Theatres have been impacted in a positive manner.
According to The Hollywood Reporter, B. Riley Securities analyst Eric Wold has upgraded shares of AMC Theatres to "buy" from its previous position of "neutral". AMC's price target has also hit $13, up nearly double from $7.
"We believe consumers want to leave the house and return to the theater, and these results are very telling, especially considering that [Godzilla vs. Kong] was available for free to HBO Max subscribers at the same time as the theatrical release," Wold said. "Ever since the re-openings of a handful of overseas exhibition markets last year (e.g. China, Japan, Australia), we have been increasingly optimistic that the strengthening movie-going trends within that market bodes well for the rest of the world as additional markets reopen and new Hollywood content makes it to screens."
Godzilla vs. Kong debuted in domestic movie theaters on March 31 and proceeded to bring in $48.5 million over its first five days, $32.2 million of which came from its three-day opening weekend. That's handily the biggest domestic bow for a film since the coronavirus (COVID-19) pandemic began, nearly doubling the previous record set by Wonder Woman 1984's $16.7 million three-day opening in Dec. 2020. Godzilla vs. Kong has also surpassed the Wonder Woman sequel's domestic box office gross of $46.1 million.
Legends collide in Godzilla vs. Kong as these mythic adversaries meet in a spectacular battle for the ages, with the fate of the world hanging in the balance. Kong and his protectors undertake a perilous journey to find his true home, and with them is Jia, a young orphaned girl with whom he has formed a unique and powerful bond. But they unexpectedly find themselves in the path of an enraged Godzilla, cutting a swath of destruction across the globe. The epic clash between the two titans -- instigated by unseen forces -- is only the beginning of the mystery that lies deep within the core of the Earth.
Directed by Adam Wingard and written by Eric Pearson and Max Borenstein, Godzilla vs. Kong stars Alexander Skarsgard, Millie Bobby Brown, Rebecca Hall and Brian Tyree Henry. The film is now playing theaters and on HBO Max.
Source: The Hollywood Reporter