Benchmark Upgrades Cineverse to Buy on IndiCue Acquisition.

Cineverse has been upgraded to Buy from Speculative Buy at Benchmark with a price target of $12, up from $9, after the acquisition of IndiCue, an advertising technology company. The firm's business model has shifted to recurring revenue and solves a growing need in the media landscape. The 20-times EBITDA multiple reflects both the shift to software and the analyst's conservative estimates for future numbers.