Piper Jaffray Maintains Overweight on IMAX After Positive Data Released Yesterday

Piper Jaffray has published a research report on IMAX Corporation IMAX after the company released positive data points late yesterday. In the report, Piper Jaffray writes, "IMAX released two positive data points late yesterday afternoon supporting our optimism for the IMAX shares. The company disclosed IMAX box office for the 4Q of $98M, ahead of our $88M forecast, suggesting upside to our 4Q estimate of $0.10. Additionally, the company announced an extension of its deal with Lark International, adding another 5 screens in China. Accordingly, we see an upward bias to our 120 screen forecast for 2012. The two data points demonstrate why we think the IMAX story can continue to work despite a sloppy box office backdrop." Piper Jaffray maintains its Overweight rating and $32 price target on IMAX, which closed yesterday at $17.83.