UPDATE: Ascendiant Capital Initiates Carmike Cinemas with Buy on Expected Continued Outperformance

In a report published Friday, Ascendiant Capital analyst Marla Backer initiated coverage on Carmike Cinemas (NASDAQ: CKEC ) with a Buy rating and $20.00 price target. In the report, Backer noted, “Carmike's operating performance has improved following aggressive restructuring, remodeling and deleveraging initiatives. On 2012 Admissions revenue growth, the company