MKM Partners Cuts Numbers on IMAX (IMAX), Maintains Buy
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Price: $25.12 -1.06%
Rating Summary:
9 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
9 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
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Analysts at MKM Partners reducing second half 2012 estimates on IMAX (NYSE: IMAX) due to lower box office sales and higher film costs, but they think the long-term outlook remains compelling.
“We continue to view IMAX as the best multi-year growth story in our coverage universe, based on its near-peak theatre backlog and increasing international box office exposure,” said analyst Eric Handler.
“The company’s shares have underperformed over the last month due to a perceived lack of catalysts and a weaker than expected box office. However, a still healthy pipeline of screen inquiries and improving average revenue per screen from last year’s trough give us confidence in IMAX’s future growth outlook,” he said.
3Q revenue, adjusted EBITDA, and EPS (reported) was lowered to $75mn, $28mn, and $0.15, respectively, versus our prior forecast of $78mn, $34mn, and $0.21.
The Price target was reduced to $27 from $29. MKM has a Buy rating on IMAX.
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 $20.69 yesterday, with a 52 week range of $12.57-$26.68.
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“We continue to view IMAX as the best multi-year growth story in our coverage universe, based on its near-peak theatre backlog and increasing international box office exposure,” said analyst Eric Handler.
“The company’s shares have underperformed over the last month due to a perceived lack of catalysts and a weaker than expected box office. However, a still healthy pipeline of screen inquiries and improving average revenue per screen from last year’s trough give us confidence in IMAX’s future growth outlook,” he said.
3Q revenue, adjusted EBITDA, and EPS (reported) was lowered to $75mn, $28mn, and $0.15, respectively, versus our prior forecast of $78mn, $34mn, and $0.21.
The Price target was reduced to $27 from $29. MKM has a Buy rating on IMAX.
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 $20.69 yesterday, with a 52 week range of $12.57-$26.68.
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