UPDATE: Canaccord Genuity Downgrades IMAX Corporation (IMAX) to Hold
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Canaccord Genuity downgraded IMAX Corporation (NYSE: IMAX) from Buy to Hold with a price target of $34.50 (unchanged). Analyst Aravinda Galappatthige noted the stock surpassed his price target.
"We have seen a meaningful upswing in the stock over the past 6 months (up 32%), we believe due to the growing expectations around the 2015 film slate. Nonetheless, the stock trades at 16x 2015E EV/EBITDA and 13x 2016E. This compares with an average historic multiple of 13x NTM EV/EBITDA. Moreover the set of comps that we have identified for IMAX (SBUX, NKE, KORS) now trade at a discount to IMAX. While we continue to believe the solid long-term growth in the business and the relative strengths of the upcoming slates, we prefer to await a better entry point," said Galappatthige.
Shares of IMAX Corporation closed at $34.94 yesterday.
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