Analyst Omar Mejias of Wells Fargo reiterated a Buy rating on IMAX, reducing the price target to $30.00.
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Omar Mejias has given his Buy rating due to a combination of factors including IMAX’s strong market share gains and the potential for continued growth. Despite a softer global box office performance, IMAX has shown impressive domestic growth and a significant increase in its market share, driven by its Filmed For IMAX slate. This growth is expected to attract more filmmakers and drive further demand for IMAX systems.
Moreover, Mejias highlights the company’s robust slate of upcoming films and the potential for strong performance in the second half of the year, particularly in the fourth quarter. The anticipation of high-profile releases and the ongoing trend towards premium theater experiences position IMAX favorably in the market. These factors, combined with improved operating leverage and solid network growth momentum, underpin Mejias’s optimistic outlook and Buy rating for IMAX.
In another report released on July 11, Wedbush also maintained a Buy rating on the stock with a $34.00 price target.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IMAX in relation to earlier this year.