IMAX Corporation (IMAX) PT Raised to $25 as MKM Partners Expects to See Evidence of a Recovery in 4Q Results
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MKM Partners analyst Eric Handler raised the price target on IMAX Corporation (NYSE: IMAX) to $25.00 (from $18.00) with the COVID recovery already underway, Asia exposure poised to support the top line and an asset light business model to convert revenue to cash. .
The analyst maintained a Buy rating, stating "In our view, IMAX's global footprint and asset light structure continue to help it navigate effectively through the COVID-pandemic. Evidence of a recovery should be seen in 4Q20 results where its exposure to Asia (55% of IMAX's screens) has positioned IMAX to achieve break-even cash flow. This exposure should also help in 1Q21, especially given what we believe will be a very strong Chinese New Year box office performance come mid-February. While we are lowering our overall box office outlook for 2021 to reflect ongoing delays with Hollywood feature film content, IMAX's ability to: (1) benefit from local language movies in a number of international markets; and (2) install systems in markets where theatres are open should result in a faster recovery than what will be seen with traditional theatre operators."
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