UPDATE: Sterne Agee Reiterates Neutral Rating, Lowers PT on IMAX Corporation on More Volatile Per-Screen Average

In a report published Monday, Sterne Agee analyst Vasily Karasyov reiterated a Neutral rating on

, but lowered the price target from $28.00 to $27.00. In the report, Sterne Agee noted, “Our title-by-title analysis of IMAX releases in 2H'13 implies a PSA of $1.0 mln for 2013. This is below the 2012 PSA of $1.2 mln which we had used for our previous forecast. We therefore think expectations for a base case slate performance going forward need to be moderated at this point. We are adjusting our estimates; our price target moves to $27 from $28, and we maintain a Neutral rating.” IMAX Corporation closed on Friday at $30.09.