Piper Jaffray Reiterates IMAX at Overweight

Piper Jaffray maintains an Overweight rating on IMAX Corporation

and a $32 target price. Piper Jaffray comments, “IMAX held its investor day yesterday and highlighted many of the reasons we remain long term bulls on the IMAX story. The global market for IMAX screens was raised to 1700 screens, up 10% from previous estimates. The company also announced two new films that will be shot with IMAX cameras (Lionsgate's Catching Fire and Paramount's Star Trek 2). Management also presented a moderate term ‘base case' scenario which demonstrated how easy it is for the company to generate 20%+ EBITDA growth over the next five years. Lastly, the company's new laser projector received lots of attention and we see this technology potentially driving 60 screen sales/JVs in late 2013 or early 2014. We maintain our OW rating and $32 target.” IMAX closed at $21.07 on Wednesday.