Wedbush Downgrades IMAX Corporation (IMAX); Premium Multiple No Longer Warranted
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Price: $52.88 -0.71%
Rating Summary:
15 Buy, 7 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 7 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush downgraded IMAX Corporation (NYSE: IMAX) from Outperform to Neutral with a price target of $21.00 (from $27.00).
Analyst, Michael Pachter, said, "Despite an increasing backlog and a consistent stream of high-profile theater signings, management appears content with a slower-than-expected installation pace that limits the company’s long-term growth potential. We believe our new price target, which represents 20x our revised FY:13 EPS estimate of $1.05 (from $1.16), more accurately reflects a growth rate in line with the disappointing pace of theater expansion."
FY12 EPS estimate lowered from $0.98 to $0.83.
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 $22.46 yesterday.
Analyst, Michael Pachter, said, "Despite an increasing backlog and a consistent stream of high-profile theater signings, management appears content with a slower-than-expected installation pace that limits the company’s long-term growth potential. We believe our new price target, which represents 20x our revised FY:13 EPS estimate of $1.05 (from $1.16), more accurately reflects a growth rate in line with the disappointing pace of theater expansion."
FY12 EPS estimate lowered from $0.98 to $0.83.
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 $22.46 yesterday.
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