Research firm Wedbush raised its 12-month price target on shares of AMC Entertainment on Friday ... by $1.
As AMC's stock nearly doubled this week to $51 riding a wave of enthusiasm from Reddit posters, Wedbush took its price target to $7.50 from $6.50. That would still entail an 85% plunge.
"AMC has made the best of its current 'Meme Stock' status by selling shares at a premium, and has raised significant capital doing so," Wedbush analyst Alicia Reese said in a note.
"Should AMC use its current cash balance to meaningfully reduce its debt and create earnings growth opportunities, we could envision a justified price target as high as $10," Reese said.