Imax initiated with a Buy at Seaport Research amid film release turnaround

As previously reported, Seaport Research analyst David Joyce initiated coverage of Imax with a Buy rating and $23 price target. The firm sees “a distinct near-term opportunity” for Imax shares to start to recognize that the film industry’s theatrical release schedule will start heading toward normalcy and calls the stock “a small-cap way to leverage this trend.” The firm sees a compounding effect of Imax taking more share of the box office as post-COVID consumers want to pay up for more exhilarating experiences, the box office turning around and growing substantially from here and the international system installation and network expansion opportunities ahead, the analyst added.