UPDATE: Piper Jaffray Raises PT on RealD on Strong Box Office

In a report published Thursday, Piper Jaffray analyst James M. Marsh reiterated an Overweight rating on RealD RLD, and raised the price target from $15.00 to $17.00. In the report, Marsh noted, “RealD released its F4Q13 estimated RealD box office of $614M, 27% ahead of our expectations of $482M. Domestic RealD box office of $268M was 19% ahead of our estimate and International RealD box office of $346M was 35% above our expectations. The outperformance was primarily a result of stronger-than-expected 3D take rate for Oz: The Great and Powerful with 66% internationally and 53% domestically. Additionally, we are seeing local content growing its contribution adding ~5% of incremental box office to the quarter. Finally, we suspect RLD is expanding its international market share ahead of our expectations. We are increasing our F4Q13 EBITDA to $4.2M from -$0.2M.” RealD closed on Wednesday at $13.85.