B.Riley FBR Maintains Their Buy Rating on IMAX Corp (IMAX)

By Carrie Williams

B.Riley FBR analyst Eric Wold maintained a Buy rating on IMAX Corp (IMAXResearch Report) today and set a price target of $34. The company’s shares closed on Friday at $21.76.

Wold noted:

“We continue to believe the increased focus on blockbuster tent-pole films by the major studios—potentially to create a reason to visit movie theaters and compete against additional streaming entertainment options—bodes extremely well for IMAX. And with Disney already dominating box office through the first five months (at 36% market share) and expected to throughout the remainder of the year, we view this as a very positive trend for IMAX. According to reported results from (5/31), IMAX screens generated a total of $260M in global box office through Sunday, 5/26 (with $88M for the China, and $80M for the rest of the world). With a globally IMAX-friendly slate of titles still left on the horizon for the remainder of 2Q19, we continue to see upside to the consensus box office projection of $360M and results closer to our $378M estimate or higher.”

According to TipRanks.com, Wold has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.3% and a 30.0% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.

Currently, the analyst consensus on IMAX Corp is a Strong Buy with an average price target of $29.25, a 34.4% upside from current levels. In a report issued on May 31, MKM Partners also maintained a Buy rating on the stock with a $28 price target.

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IMAX Corp’s market cap is currently $1.33B and has a P/E ratio of 60.04. The company has a Price to Book ratio of 2.59.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. Last month, Bradley Wechsler, a Director at IMAX sold 12,000 shares for a total of $276,120.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

IMAX Corp. is an entertainment technology company, which engages in the business of motion picture technologies and presentations. It operates through following four business segments: Network Business, Theater Business, New Business, and Other.