Canaccord Genuity Thinks IMAX Corp’s Stock is Going to Recover

By Jason Carr

In a report released yesterday, Nigel Parson from Canaccord Genuity reiterated a Buy rating on IMAX Corp (NYSE: IMAX), with a price target of $33. The company’s shares closed yesterday at $24.15, close to its 52-week low of $23.60.

IMAX Corp has an analyst consensus of Moderate Buy, with a price target consensus of $38.75.

The company has a one year high of $35.30 and a one year low of $23.60. Currently, IMAX Corp has an average volume of 1.09M.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Last month, David Leebron, a Director at IMAX sold 11,618 shares for a total of $319,844.

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IMAX Corp. is an entertainment technology company, which focuses in motion picture technologies and presentations. It operates through following segments: IMAX systems; Theater System Maintenance; Joint Revenue Sharing Arrangements; Film Production and IMAX DMR; Film Distribution; Film Post-Production; and Other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment. The Theater System Maintenance segment maintains IMAX theater projection system equipment in the IMAX theater network. The Joint Revenue Sharing Arrangements segment installs IMAX theater projection system equipment to an exhibitor in exchange for a certain percentage of box-office and concession revenues. The Film Production and IMAX DMR segment produces films and performs film re-mastering services. The Film Distribution segment distributes films for which the company has distribution rights. The Film Post-production segment provides film post-production and film print services. The Other segment includes certain IMAX theaters that the company owns and operates, camera rentals and other miscellaneous items. The company was founded by Graeme Ferguson, Roman Kroitor, Robert P. Kerr and William Shaw in 1967 and is headquartered in Mississauga, Canada.