The problems keep piling up for Cineplex Inc. as the nation’s largest theatre operator stares down the brutal reality of the COVID-19 pandemic.

The company was hit by a double downgrade Sunday, with analysts from BMO and National Bank both lowering their estimates for shares of the firm.

BMO analyst Tim Casey downgraded the stock to an underperform and slashed his 12-month price target in half to $6.00 per share, while National Bank’s Adam Shine lowered his view to a sector perform with a $8.50 per share price target.

In a note to clients, Shine said the rapid deterioration of the cinema operating environment and continued uncertainty over the pandemic led to the downgrade.

“The 2020 box office went from drama to thriller to horror movie. [Cineplex] had found a new base from which to capitalize on a reopening that is uncertain. Until we get answers as to what comes next, [Cineplex] will be under pressure,” he wrote.

While Cineplex has reopened all 164 of its Canadian theatres, albeit at limited capacity to observe public health guidelines, it’s been hampered by the delayed release of some of the year’s most hotly-anticipated blockbusters. The latest blow came late Friday, when MGM Pictures announced it would push back the debut of the fifth Daniel Craig-led James Bond film, No Time To Die, to April 2021 after originally planning a November release.

"While we are always reviewing and refining our operating plans, we are staying the course and will proudly continue offering a safe, comfortable and welcoming movie-going environment for Canadians," Cineplex spokesperson Sarah Van Lange told BNN Bloomberg in an emailed statement.  

Cineplex is facing other challenges, including the rise of video on demand streaming and the ongoing legal fight over Cineworld Group PLC’s decision to walk away from a deal to buy Cineplex for $2.15 billion. Cineplex was also dropped from the benchmark S&P/TSX Composite Index on Sept. 21.