UPDATE: Canaccord Genuity Downgrades IMAX Corporation (IMAX) to Hold

(Updated - February 17, 2015 9:19 AM EST)

Canaccord Genuity downgraded IMAX Corporation (NYSE: IMAX) from Buy to Hold with a price target of $34.50 (unchanged). Analyst Aravinda Galappatthige noted the stock surpassed his price target.

"We have seen a meaningful upswing in the stock over the past 6 months (up 32%), we believe due to the growing expectations around the 2015 film slate. Nonetheless, the stock trades at 16x 2015E EV/EBITDA and 13x 2016E. This compares with an average historic multiple of 13x NTM EV/EBITDA. Moreover the set of comps that we have identified for IMAX (SBUX, NKE, KORS) now trade at a discount to IMAX. While we continue to believe the solid long-term growth in the business and the relative strengths of the upcoming slates, we prefer to await a better entry point," said Galappatthige.

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 $34.94 yesterday.

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