Benchmark Upgrades IMAX Corporation (IMAX) to Buy; Optimistic on Long-Term
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(Updated - April 28, 2020 8:12 AM EDT)
(updated to add analyst comments)
Benchmark analyst Mike Hickey upgraded IMAX Corporation (NYSE: IMAX) from Hold to Buy with a $14 price target.
The analyst commented, "We are upgrading IMAX to Buy with a $14 price target. We are optimistic that over time COVID-19 treatment options will improve, a vaccine will be produced, rapid testing options will emerge and/or will have a test to measure immunity. We are also encouraged to see IMAX's key exhibitor partners take measures to enhance liquidity, demonstrate a commitment toward new theater builds in China and the gradual reopening of theaters in U.S. We suspect that over the long-term movie-goers will return to the cinema, buoyed by a strong slate of films, a behavior trend toward normalcy and a need for escapism where cinema growth has proven countercyclical. We believe IMAX can achieve a significant reduction in monthly cash burn and has enough liquidity to make it through +FY21. IMAX ended FY19 with $109M in cash and $280M borrowing capacity on revolver. IMAX is expected to deliver F1Q20 performance on Thursday, April 30 at 8:30am EST, dial-in number 800.458.4148 and passcode 2512506."
Shares of IMAX Corporation closed at $11.08 yesterday.
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