B.Riley FBR Sticks to Their Buy Rating for IMAX Corp (IMAX)


In a report released today, Eric Wold from B.Riley FBR reiterated a Buy rating on IMAX Corp (IMAX), with a price target of $34. The company’s shares closed yesterday at $21.32.

Wold noted:

“After the close on Tuesday, 7/30, IMAX Corporation (IMAX) reported 2Q19 results that exceeded expectations for both revenue and adjusted EBITDA as higher-than-expected system installs built upon the already-reported box office revenues. Given our understanding that investors went into the 2Q19 print with elevated concerns around the prior system install and box office growth guidance (given a weaker-than-anticipated start to the year), we believe the reiterated guidance ranges for both will be well received—especially with an attractive film slate on the horizon for 2H19 (especially as Chinese local language content increasingly comes into play).”

According to TipRanks.com, Wold is ranked 0 out of 5 stars with an average return of -7.2% and a 33.7% 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 $30 average price target, which is a 40.7% upside from current levels. In a report issued on July 16, Wedbush also reiterated a Buy rating on the stock with a $28 price target.

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Based on IMAX Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $8.27 million. In comparison, last year the company had a net profit of $7.63 million.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. Last month, Neil Braun, a Director at IMAX sold 8,000 shares for a total of $169,120.

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.

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