These Analysts Boost Their Forecasts On Imax After Q2 Results

Author: Avi Kapoor | July 26, 2024 01:20pm

IMAX Corporation (NYSE:IMAX) reported better-than-expected second-quarter sales results on Thursday.

Imax reported quarterly EPS of 18 cents, which quashed the analyst consensus estimate of 7 cents. The quarterly sales were $88.96 million, down 9% year over year, beating the analyst consensus estimate of $76.01 million, according to data from Benzinga Pro.

Content Solutions revenues of $35 million grew by 12% year-on-year, while Technology Products and Services revenues decreased 20% year-on-year to $51 million.

Rich Gelfond, CEO of IMAX. "The second quarter offered strong evidence that we are at in inflection point in our business; we are on a tear with system sales activity, our system installations are up significantly, and the slate through 2026 is as strong as we've ever seen."

Imax raised its Imax system installation guidance to 130 – 150 for the full year 2024 versus 128 for the full year 2023.

Imax shares gained 3.1% to trade at $20.00 on Friday.

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

Macquarie analyst Chad Beynon maintained Imax with an Outperform rating, while raising the price target from $24 to $26.

• Barrington Research analyst James Goss maintained the stock with an Outperform rating and maintained a $25 price target.
• Wedbush analyst Alicia Reese maintained Imax with an Outperform rating and boosted the price target from $22 to $24.
• Rosenblatt analyst Steve Frankel maintained the stock with a Buy rating and raised the price target from $25 to $28.
• Roth MKM analyst Eric Handler maintained Imax with a Buy rating, while raising the price target from $23 to $27.

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Posted In: IMAX