IMAX Corp. (IMAX): Cutting PT On Weak Box Office Results - B.Riley
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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.
Shares of IMAX Corporation closed at $32.05 yesterday.
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