IMAX Corporation (IMAX) PT Raised to $19 at Benchmark
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Benchmark analyst Mike Hickey raised the price target on IMAX Corporation (NYSE: IMAX) to $19.00 while maintaining a Buy rating.
The analyst commented, "We have raised our PT to $19 and reiterate Buy rating on IMAX Corp. We suspect IMAX offers a bounce back trade of nearly 50% if the share price were to return to pre-pandemic levels. The virus influence has forced the shut down of theaters, delay of planned movies releases and created volatility around traditional film windows including PVOD and streaming. We believe the recent distribution of vaccines will mitigate the impact of the virus influence. We anticipate the vast majority of theaters will re-open in FY21, blockbuster films will in-fact release, and movie goers will return to theaters as we have witnessed in other key cinema markets including China and Japan. We believe IMAX domestic screen count in the US will have limited impact from potential exhibitor bankruptcy."
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