UPDATE: Stifel Upgrades IMAX
In a report released Monday, Stifel analyst Benjamin Mogil upgraded IMAX (NYSE: IMAX) from Hold to Buy with a $32 price target.
Analysts at Stifel have previously tracked IMAX's EBITDA per screen declines due to cost troubles limiting operating leverage and low trends in box office. Stifel now anticipates high JRSA margin expansion in result to expected change operating leverage and EBITDA per screen growth.
Mogil claimed IMAX China concerns are overblown because of CJ CGV and Wanda conducting most of the installations for 2014, 2015 and anticipates accelerated installs in 2016 with the next Avatar.
Stifel's $32 price target is given a 2015 estimated EBITDA multiple of 13.8x minority interest.
Latest Ratings for IMAX
|Jul 2015||Piper Jaffray||Upgrades||Neutral||Overweight|
|Jun 2015||B Riley||Maintains||Buy|
|Jun 2015||Credit Suisse||Maintains||Outperform|
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