B.Riley FBR Sticks to Its Buy Rating for 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 on Friday at $24.90.

Wold commented:

“We are revisiting IMAX Corporation (IMAX—Buy, $34 PT) as incremental data points out of China continue to point to improving trends for the IMAX format and a clear demonstration that management’s efforts to boost per screen performance and returns on capital have been paying off. And with our understanding that investors, in general, remain more skeptical than optimistic around the outlook for IMAX in China, we continue to believe this provides an attractive set-up for a meaningful valuation re-rating for IMAX shares over the next 6-12 months. And although IMAX shares have already moved higher by 13.0% since our positive meeting with IMAX management at CinemaCon on 4/2 (vs.”

According to TipRanks.com, Wold has currently no stars on a ranking scale of 0-5 stars, with an average return of -4.4% and a 41.5% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for IMAX Corp with a $28 average price target, implying a 12.4% upside from current levels. In a report issued on April 12, 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 $1.53B and has a P/E ratio of 69.59. The company has a Price to Book ratio of 2.99.

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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.