IMAX (IMAX) Named Top Pick for 2013 at JPMorgan
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Price: $17.66 +1.26%
Rating Summary:
12 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
12 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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IMAX Corporation (NYSE: IMAX) is bucking the broader market weakness Monday
JPMorgan raised estimates and called the stock a "top pick" for 2013.
JPMorgan analyst Townsend Buckles raised Q4 box office estimates to $146 million from $130m, and adj. EPS to $0.18 from $0.17. He noted the Hobbtt is playing well at IMAX despite not living up to expectations overall. Based on reported data points, IMAX's share of Hobbit's global gross looks to be pacing at 6.5-7%. This is impressive given the size of the release and that the movie doesn't have special IMAX elements such as footage shot in IMAX or exclusive release dates that typically skew shares higher, the analyst notes.
"After a successful 2012 that we expect to finish with over 55% EBITDA growth for the year, we believe strong earnings performance will continue through 2013 and 2014 driven by global screen growth and favorable box office trends from IMAX's emerging market exposure and blockbuster focus," the analyst said.
The firm reiterated an Overweight rating and price target of $30.00.
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 $22.84 yesterday.
JPMorgan raised estimates and called the stock a "top pick" for 2013.
JPMorgan analyst Townsend Buckles raised Q4 box office estimates to $146 million from $130m, and adj. EPS to $0.18 from $0.17. He noted the Hobbtt is playing well at IMAX despite not living up to expectations overall. Based on reported data points, IMAX's share of Hobbit's global gross looks to be pacing at 6.5-7%. This is impressive given the size of the release and that the movie doesn't have special IMAX elements such as footage shot in IMAX or exclusive release dates that typically skew shares higher, the analyst notes.
"After a successful 2012 that we expect to finish with over 55% EBITDA growth for the year, we believe strong earnings performance will continue through 2013 and 2014 driven by global screen growth and favorable box office trends from IMAX's emerging market exposure and blockbuster focus," the analyst said.
The firm reiterated an Overweight rating and price target of $30.00.
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 $22.84 yesterday.
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