IMAX Corp. (IMAX): Cutting PT On Weak Box Office Results - B.Riley

November 29, 2016 7:50 AM EST
Get Alerts IMAX Hot Sheet
Price: $33.00 --0%

Rating Summary:
    13 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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B. Riley analyst, Eric Wold, reiterated his Buy rating on shares of IMAX Corporation (NYSE: IMAX) but cut estimates with two-thirds of Q4 in the books and a tough comp on the horizon.

The analyst cut his IMAX Corporation (IMAX) Q4 box office projection after a few disappointments and a more conservative stance for December (which flows into overall estimate reductions for 2016-2018).

The analyst believes the 2016 film slate is not IMAX-friendly and there has been a continued risk to box office projections throughout the year. For investors that can look past short-term slate misses, he believes the outlook for 2017/2018 remains impressive (and increasingly 2018 is a likely firm date for Avatar 2) which should drive attractive margin/cash flow expansion for IMAX.

No change to Buy rating but the PT of $41.50 is down from $42.50 on an unchanged multiple on reduced EBITDA estimates.

For an analyst ratings summary and ratings history on IMAX Corporation click here. For more ratings news on IMAX Corporation click here.

Shares of IMAX Corporation closed at $32.05 yesterday.

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