IMAX (IMAX) Shares Up 4+% as MKM Issues New Buy Rating, $26 Price Target

Shares of IMAX Corp (Nasdaq: IMAX) are trading at $19.87, up more than 4.5 percent, with the help of MKM Partners' Eric Handler. The analyst initiated coverage on the stock with a 'Buy' rating and a $26 price target.

The new bullish rating follows a nearly 13 percent move lower in IMAX shares since marking a recent high at $21.76 on December 6th, just eight trading sessions ago.

Handler's new price target implies potential upside of nearly 31 percent from where the stock is currently trading.

IMAX reported a Q3 miss on Oct. 27, 2011 (EPS of $0.16 vs. consensus of $0.20), but the company raised Q4 installation guidance. Investors liked the news, sparking a two-day 17 percent move higher in the stock.

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