Rosenblatt Reiterates Buy After IMAX Corp. (IMAX) Sets Another Chinease Opening Weekend Record with Local Film

Rosenblatt reiterated a Buy rating and $47.00 price target on IMAX Corporation (NYSE: IMAX) as the company sets another opening weekend record in China. The IMAX opening weekend box office for the local film Monkey King 2 was $10.7 million on 279 screens across China. While Rosenblatt thinks investors should focus more so on IMAX’s long term screen growth story vs. individual film box office performance, it’s still notable that there are two back-to-back box office share hits for IMAX (Star Wars: The Force Awakens).

Analyst Martin Pyykkonen commented, "It may be lost in the shuffle, but Filmko Pictures’ Monkey King 2, a 3D adventure/fantasy film for kids/families, set a new opening weekend record for IMAX in China as the film recently kicked off the Chinese New Year. The IMAX opening weekend box office for the film was $10.7 million on 279 screens across China. We expect local Chinese films to increase as a percentage of IMAX’s total global box office, as the Chinese government continues to promote the developing film production and exhibition business."

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 $31.00 yesterday.

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