Piper Jaffray Upgrades IMAX Corporation (IMAX) to Overweight
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Rating Summary:
12 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Piper Jaffray upgraded IMAX Corporation (NYSE: IMAX) from Neutral to Overweight with a price target of $41.00 (from $33.00).
Analyst James Marsh commented, "We are upgrading IMAX to OW from Neutral after the China-related market sell-off has pressured shares dropping more than $7 from recent highs of $43.22. We believe the eventual IPO of “IMAX China” shares remain on track, and while maybe taking a little longer and priced at a lower multiple, will likely still be additive to our IMAX price target. Beyond volatility in China, we are seeing domestic and international box office outperformance and are raising our 2015 and 2016 forecasts. In sum, we see the 16% sell off as an attractive entry point for the IMAX shares especially as fundamentals remain solid. We see 12% upside to our new $41 price target."
The firm raised FY 2015 EPS from $1.16 to $1.20 and FY 2016 EPS from $1.30 to $1.35.
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 $36.46 yesterday.
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