IMAX Corporation (IMAX) stock decline on Infinity Vision news 'an absurd overreaction' - StoneX

StoneX analyst Mike Hickey reiterated a Buy rating and $65.00 price target on IMAX Corporation (NYSE: IMAX).

The analyst commented, "IMAX shares fell ~9.5% following the Infinity Vision headline, before ending the session ~3.8% below their level when the news was announced. We view this as an absurd overreaction to recycled news and a cheap marketing gimmick, particularly ahead of a 3Q that we expect to deliver record profitability. Disney originally announced Infinity Vision at CinemaCon in April; the incremental development is outreach to other studios. The underlying program certifies existing premium large format auditoriums based on screen, laser projection and audio standards. It introduces no proprietary camera system or new projection format. For an already qualifying auditorium, it is essentially the same PLF experience with an Infinity Vision sticker."

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 $51.31 yesterday.

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