IMAX's (IMAX) Buy Rating Reiterated at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its “Buy” rating on IMAX and set a $60 price target, implying approximately 18.4% upside from the stock’s $50.66 opening price.
• Analyst sentiment remains positive overall: 10 analysts rate IMAX a Buy and three rate it Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $51.55.
• IMAX reported stronger-than-expected quarterly results, with EPS of $0.43 versus the $0.30 consensus and revenue of $102.84 million, up 12.2% year over year.

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "buy" rating reissued by Rosenblatt Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $60.00 price target on the stock. Rosenblatt Securities' target price would suggest a potential upside of 18.43% from the stock's current price.

A number of other analysts have also recently issued reports on IMAX. HC Wainwright reissued a "buy" rating on shares of IMAX in a research note on Friday, July 24th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 price target on shares of IMAX in a research note on Friday, May 22nd. Seaport Research Partners reissued a "buy" rating and issued a $50.00 target price on shares of IMAX in a research report on Wednesday, June 24th. Weiss Ratings upgraded shares of IMAX from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. Finally, Barrington Research lifted their price target on shares of IMAX from $46.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.55.

IMAX Price Performance

Shares of IMAX stock opened at $50.66 on Wednesday. The stock has a market cap of $2.78 billion, a PE ratio of 70.36, a price-to-earnings-growth ratio of 1.74 and a beta of 0.38. The stock has a 50-day moving average of $44.00 and a 200-day moving average of $39.79. IMAX has a one year low of $25.48 and a one year high of $54.27.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. The business's quarterly revenue was up 12.2% on a year-over-year basis. As a group, research analysts anticipate that IMAX will post 1.44 earnings per share for the current year.

Hedge Funds Weigh In On IMAX

Several large investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC acquired a new position in IMAX in the 3rd quarter valued at about $27,000. Quarry LP lifted its position in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after acquiring an additional 547 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock worth $38,000 after acquiring an additional 1,109 shares during the period. Torren Management LLC bought a new stake in shares of IMAX during the fourth quarter worth approximately $40,000. Finally, Aster Capital Management DIFC Ltd grew its position in shares of IMAX by 863.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company's stock valued at $62,000 after purchasing an additional 1,493 shares during the last quarter. 93.51% of the stock is owned by institutional investors.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.

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