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

By Austin Angelo

B.Riley FBR analyst Eric Wold reiterated a Buy rating on IMAX Corp (IMAXResearch Report) today and set a price target of $34. The company’s shares closed last Monday at $22.14.

Wold wrote:

“We are revisiting IMAX Corporation (IMAX) as, with only a few weeks left in 3Q19, we believe the quarter’s box office is tracking ~10% below both our prior estimate and consensus—and we are taking this opportunity to get ahead of expected consensus estimate reductions in the coming weeks. While we are still projecting a Y/Y box office increase of ~10% for the quarter, we are lowering our below-consensus estimates for 3Q19. Nevertheless, we are not making any changes to our 4Q19 box office projections—as we expect the combination of an impressive IMAX-friendly global film slate and continued improvements within China to help drive a ~20% Y/Y box office increase for the period.”

According to TipRanks.com, Wold is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -6.9% and a 35.2% success rate. Wold covers the Services sector, focusing on stocks such as Cinemark Holdings Inc, National Cinemedia, and AMC Entertainment.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for IMAX Corp with a $29.67 average price target.

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Based on IMAX Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $11.4 million. In comparison, last year the company had a net profit of $7.63 million.

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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.