IMAX (IMAX) Higher as JPMorgan Pounds the Table
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Price: $38.27 --0%
Rating Summary:
16 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 5 | New: 26
Rating Summary:
16 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 5 | New: 26
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Shares of IMAX Corporation (NYSE: IMAX) are solidly higher Monday (+2.5%) after JPMorgan analyst Townsend Buckles pounded the table on the stock following meetings with management. Buckles reiterated his Overweight rating and $32 price target on the stock, saying the recent weakness creates a buying opportunity.
"We reiterate our Overweight rating on IMAX following meetings with management and see the stock's YTD weakness (-11% vs. S&P +1%) offering an attractive entry point to this high growth story," Buckles said. "We also view IMAX as the best play on a very promising 2015 box office year for the industry given the company’s exposure to emerging box office markets (most notably China) and its focus on the biggest films in the slate. Nearer-term, we are raising our 1Q14 estimates after a strong box office finish to the quarter, including Noah (with high domestic market share), Captain America and Need for Speed all contributing nicely across the network this past weekend"
On China, Buckles said the country continues to be a highlight for the company. "Despite a lot of noise lately re the firm's litigation against a former employee as well as would-be competitor China Giant Screen (CGS) that we believe has pressured shares YTD, IMAX meanwhile continues to perform very well in the market," the analyst said. "The company has had 11 consecutive Hollywood titles get into the country (an accomplishment not lost on the studios), and continues to have great success with local films."
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 $26.32 yesterday.
"We reiterate our Overweight rating on IMAX following meetings with management and see the stock's YTD weakness (-11% vs. S&P +1%) offering an attractive entry point to this high growth story," Buckles said. "We also view IMAX as the best play on a very promising 2015 box office year for the industry given the company’s exposure to emerging box office markets (most notably China) and its focus on the biggest films in the slate. Nearer-term, we are raising our 1Q14 estimates after a strong box office finish to the quarter, including Noah (with high domestic market share), Captain America and Need for Speed all contributing nicely across the network this past weekend"
On China, Buckles said the country continues to be a highlight for the company. "Despite a lot of noise lately re the firm's litigation against a former employee as well as would-be competitor China Giant Screen (CGS) that we believe has pressured shares YTD, IMAX meanwhile continues to perform very well in the market," the analyst said. "The company has had 11 consecutive Hollywood titles get into the country (an accomplishment not lost on the studios), and continues to have great success with local films."
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 $26.32 yesterday.
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