Lionsgate Studios Corp (NYSE:LION) shares are trading higher Monday after its Micheal Jackson film set box-office records with a $217 million opening weekend. Also, Benchmark maintained its Buy rating on the stock and raised its price target from $12 to $15.

• Lionsgate stock is trading near recent highs. What’s next for LION stock?

Box Office Highlights

According to NBC News, "Michael" generated $97 million domestically and $120.4 million internationally, bringing its global opening to approximately $217.4 million. 

The film delivered the largest opening weekend ever for a music biopic, surpassing previous debuts from "Straight Outta Compton" and "Bohemian Rhapsody." 

The movie significantly exceeded expectations, with earlier projections ranging from $50 million to $70 million ahead of the weekend.

Lionsgate said the film saw strong engagement across a wide range of audience segments, contributing to the stronger-than-expected performance. 

Despite mixed reviews, the film resonated with audiences and earned an "A-" CinemaScore. 

The production had faced challenges, including costly reshoots, but ultimately delivered a strong debut at the box office. 

Lionsgate Shares Soar

LION Price Action: At the time of publication, Lionsgate shares are trading 3.32% higher at $11.81, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.