Imax Analysts Increase Their Forecasts After Q2 Results

IMAX Corporation (NYSE:IMAX) reported mixed results for the second quarter on Thursday.

The company posted quarterly earnings of 26 cents per share which beat the analyst consensus estimate of 21 cents per share. The company reported quarterly sales of $91.68 million which missed the analyst consensus estimate of $92.51 million.

“IMAX delivered outstanding financial results in the Second Quarter as the key drivers of our business worked in concert, with strong network growth worldwide, record box office in North America, and impressive market share gains driven by more releases filmed with our technology than ever,” said Rich Gelfond, CEO of IMAX. “Our results are driven in part by strong network growth, with 57 IMAX locations opened worldwide and system sales pacing well ahead of 2024 through the first six months of the year. The strength of our system installations this early in the year is a strong indicator of our momentum, as our exhibition partners worldwide are clearly looking to capitalize on our surging share of the global box office.”

IMAX shares gained 1% to trade at $28.57 on Friday.

These analysts made changes to their price targets on Imax following earnings announcement.

• Rosenblatt analyst Steve Frankel maintained Imax with a Buy and raised the price target from $35 to $37.
• Benchmark analyst Mike Hickey maintained the stock with a Buy and boosted the price target from $30 to $32.

Considering buying IMAX stock? Here’s what analysts think:

Read This Next:

• Top 2 Tech Stocks You May Want To Dump This Quarter

Photo via Shutterstock