Piper Jaffray Reiterates Overweight Rating, $32 PT on IMAX

In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating and $32.00 price target on IMAX Corporation (NYSE: IMAX).Piper Jaffray noted, “Last week IMAX released its mid-quarter global box office update grossing $123M QTD. We felt the results were on track to reach our $209M IMAX box office estimate, expecting staggered China release dates for The Dark Knight Rises and The Amazing Spider-Man. However, this morning IMAX confirmed the simultaneous release of both films on August 27. We expect the impact to be ~10M and are lowering our box office expectation to $200M from $209M. Last week IMAX reported its mid-quarter box office of $123M was primarily driven by Dark Knight Rises generating $84M and Spider-Man grossing ~$35M. Based on confirmed same day release dates for Dark Knight Rises and Spider-Man in China, we are lowering our IMAX box office estimate to $200M from $209M. We now expect Dark Knight Rises to gross $15M in China (down from $20M) and $11M outside of China for the remainder of the run reaching our estimate of $110M. Additionally, we now estimate Spider-Man will generate $10M in China (down from $15M), while Total Recall, Resident Evil, Indiana Jones, as well as other delayed releases to gross another $45M globally.”IMAX Corporation closed on Tuesday at $21.52.