Rosenblatt Securities Issues Positive Forecast for IMAX (NYSE:IMAX) Stock Price

Key Points

• Rosenblatt Securities raised its IMAX price target from $50 to $60 while maintaining a “buy” rating, implying 23.73% potential upside.
• Analyst sentiment is broadly positive: 10 analysts rate IMAX a Buy and three rate it Hold, resulting in a consensus “Moderate Buy” rating and a $51.55 average target.
• IMAX exceeded quarterly expectations, reporting $0.43 in EPS versus a $0.30 estimate and $102.84 million in revenue, up 12.2% year over year.

IMAX (NYSE:IMAX - Get Free Report) had its target price hoisted by Rosenblatt Securities from $50.00 to $60.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' price objective points to a potential upside of 23.73% from the stock's current price.

A number of other analysts have also recently weighed in on IMAX. HC Wainwright reaffirmed a "buy" rating on shares of IMAX in a research note on Friday, July 24th. Wells Fargo & Company raised their price objective on IMAX from $41.00 to $45.00 and gave the company an "equal weight" rating in a report on Friday, July 24th. Wall Street Zen upgraded IMAX from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Wedbush upped their target price on IMAX from $46.00 to $54.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Finally, Benchmark reiterated a "buy" rating on shares of IMAX in a research report on Monday, June 22nd. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.55.

IMAX Trading Up 0.0%

IMAX opened at $48.49 on Monday. The company's 50 day moving average is $42.29 and its 200-day moving average is $38.99. IMAX has a 1-year low of $24.20 and a 1-year high of $51.60. The company has a market cap of $2.66 billion, a P/E ratio of 67.35, a PEG ratio of 1.60 and a beta of 0.38.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm's revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 EPS. On average, equities analysts forecast that IMAX will post 1.44 EPS for the current year.

Institutional Trading of IMAX

Institutional investors have recently modified their holdings of the business. K2 Principal Fund L.P. acquired a new stake in IMAX in the second quarter valued at $3,711,000. Alpine Woods Capital Investors LLC acquired a new position in IMAX during the 2nd quarter worth about $932,000. BlackRock Inc. bought a new stake in shares of IMAX in the 2nd quarter valued at about $115,881,000. Deutsche Bank AG bought a new stake in shares of IMAX in the 2nd quarter valued at about $1,977,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of IMAX in the second quarter valued at about $85,000. Institutional investors own 93.51% of the company's stock.

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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