IMAX Corp. (IMAX) Raises Guidance and So Does Piper Jaffray

IMAX Corp. (NYSE: IMAX)
Piper Jaffray analyst, Stan Myers, reiterated his Overweight rating on shares of IMAX Corporation (NYSE: IMAX) after IMAX beat expectations driven by better than-expected box office and system sales. EBITDA was 12% ahead of our estimate (4% ahead of consensus) and box office was 4% ahead of our expectations. Management is clearly demonstrating robust demand for its screens with record signings and raised its system install guidance for the second time this year to 155 from 135-140.

The analyst was pleasantly surprised with management maintaining its guidance to deliver PSAs inline with its historical average of $1.1M, despite a tough Q2 and a soft start to Q3. Management took advantage of the stock's underperformance in the quarter and spent $41M on share buybacks. He maintained his bullish stance on IMAX shares with a strong slate ahead and a substantial number of installs in backlog.

The price target increases to $45 from $40.

**IMAX was highlighted in the Stealth Growth Newsletter on 6/22 as a one year investment.

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 $30.12 yesterday.

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