UPDATE: JP Morgan Initiates IMAX Corporation with Overweight, $30 PT on Growth Outlook

JP Morgan initiates its coverage on IMAX Corporation

with a rating of Overweight and a price target of $30. JP Morgan notes, "We are initiating coverage of IMAX with an Overweight rating and $30 Dec 2012 price target. We find shares attractive for a high visibility, long-term growth story that is one of the few plays on emerging market box office growth. IMAX also benefits from a unique business model within the industry that delivers high profitability and recurring FCF generation with every screen added to its network. The company has established itself as a valuable brand to both consumers and filmmakers, which we expect will help maintain its advantaged position in the global theatrical industry." IMAX closed at $24.03 on Friday.