Citi expects AMC, Disney to take most hit from weak US box office in 2024

** Citi cuts price target for Walt Disney DIS and AMC Entertainment AMC as the brokerage expects the firms to be most adversely impacted from weaker box office performance in 2024

** "Driven by the lingering effects of the 2023 Hollywood strikes, we now forecast the U.S. box office to decline ~6% in 2024," Citi's Jason Bazinet says

** "At the studio level, we expect Disney and Universal to see the largest sequential declines. On the other hand, we expect Warner, Sony, and Paramount to see sequential improvements" - Citi

** Citi cuts Disney's PT to $106 from $110 but maintains "buy" rating

** AMC's PT goes to $4.10 from $5.75, Citi holds "sell" rating

** To get to PT of $4.10, Citi assumes AMC pays down a portion of its debt by issuing equity

** AMC up 12% so far in Jan but trades near all-time lows, while DIS up 0.9% so far this year