Benchmark analyst Mike Hickey raised the firm’s price target on Imax (IMAX) to $60 from $44 and keeps a Buy rating on the shares after The Wall Street Journal reported Imax is exploring a sale and has approached entertainment companies as potential buyers. The report “strongly validates our long-standing thesis” that the company’s strategic value “materially exceeds what is reflected in the current public valuation” and “increasingly supports our thesis that Rich Gelfond may ultimately seek to define his legacy through a strategic sale of the company he helped transform,” the analyst tells investors. Logical strategic potential buyers include Sony (SONY), Apple (AAPL), Amazon (AMZN), Disney (DIS), Comcast’s (CMCSA) NBCUniversal, Netflix (NFLX), Sphere Entertainment (SPHR), and Cinepolis, the analyst added.
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