JANCO Partners Downgrades IMAX Corporation (IMAX) to Accumulate; A Sleeping Giant

JANCO Partners downgraded IMAX Corporation (NASDAQ: IMAX) from Buy to Accumulate, price target cut from $40.03 to $20.71.

JANCO analyst says, "We suspect a difficult near term trading pattern, as performance execution risk lingers, amplified over an increasingly difficult economic profile and a near term film slate that offers limited catalyst potential, in our view. Despite a meaningful reduction in the Company’s share price, we believe a downgrade is still appropriate, as we acknowledge further downside risk and would suggest an opportunistic position build only within a protracted share price event (expectations miss) or further market malaise (recession, unemployment, etc)...We are currently projecting IMAX global box office of $368 million in fiscal ’11, down 32% from $546 million prior year."

For more ratings news on IMAX Corporation click here and for the rating history of IMAX Corporation click here.

Shares of IMAX Corporation closed at $27.57 yesterday.

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