The Warner Bros. film, which posted the best opening weekend of any movie released during the coronavirus pandemic, “destroys lingering concerns around the theatrical window importance and demonstrates a solid path to resurgence,” B. Riley Securities analyst Eric Wold said in a note Monday.

“Godzilla vs. Kong” signals that consumers are eager to head to the cinema for new blockbuster features and suggests that the summer slate could see similar success.

Wold also upgraded AMC Entertainment to buy and raised his price target to $13 from $7. Shares of the company rose 13.5% on Monday and have jumped more then 410% since January, in part due to renewed confidence in the company’s ability to survive the pandemic. AMC has a market value of $4.2 billion.

“We have remained impressed with management’s ability to weather the pandemic headwinds by both strengthening the balance sheet and negotiating with landlords to improve the cash runway into 2022,” Wold wrote. “And as the largest exhibitor in North America that also operates the highest number of premium IMAX screens, we view AMC as well positioned to benefit from the industry’s projected resurgence and return to pre-pandemic attendance levels by 2023.”

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