IMAX Upgraded to Neutral: Strategic Value and Growth Prospects Drive Increased Price TargetIMAX Corp. (IMAX): 2025 | 3:59AM EST | Research | Equity We upgrade shares of IMAX to and increase our price target to $34 from $22, reflecting higher target multiples and the incorporation of an M&A valuation methodology to reflect the growing strategic value of IMAX within the media industry. We see share price performance over the next 12 months primarily driven by i) how top titles such as Avatar 3 perform into 2026 & beyond, ii) whether IMAX can sustain momentum in screen installs, iii) execution against sustained margin expansion towards the mid-to-high 40% range, and iv) its ability to convert EBITDA into Free Cash Flow. We anticipate updates on how management views its ability to execute on these points at the Dec 4 investor day in California.