UPDATE: Sterne Agee 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 IMAX Corporation (NYSE: IMAX), 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.
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