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Macquarie's Matthew Brooks highlighted confidence in an Outperform rating on shares of IMAX Corporation (USA) (NYSE: IMAX) Monday morning.
The research note followed news from IMAX of the company's initial steps into virtual reality:
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- a VR camera, and
- Out-of-home.
Brooks commented on VR's possible disruption for a player like IMAX.
"We think it is too early for cinema to fear VR, as the technology is not yet at a point where you can watch long movies on VR headsets. Wearing a VR headset is also a small step from today – going to a dark room, wearing 3D glasses and having little interaction with other people – that the impact on cinema might be small. TV, VCRs, DVDs and streaming did not kill cinema, why VR?" Brooks said.
"We continue to like IMAX for their strong ecosystem and IMAX are trying to carry this into VR. It is too early to say if the strategy will work, but we like that IMAX are "skating to where the puck is going to be," the Macquarie analyst concluded.
Shares of IMAX closed Monday's session down about 1.8 percent to $32.15.
Brooks' price target of $43 on IMAX represents potential upside of about 34 percent from where the stock closed Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.