IMAX Earns 5 Buy Ratings as Analysts Back $1.2 Billion Forecast
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The drivers behind IMAX's momentum surge consist of a mix of premium content partnerships, expanding market share, and a shift in consumer behavior toward immersive experiences. IMAX screens accounted for over 20% of global ticket sales for Apple's (AAPL) 'F1: The Movie,' which grossed nearly $300 million in its first 10 days. In the U.S. and Canada, IMAX theaters delivered 25% of the total domestic box office for the film, even though IMAX makes up less than 1% of screens globally.
Shares closed at $26.93, up nearly 60% over the past 12 months. The stock remains just shy of its $29.66 high, suggesting room for additional upside if the momentum continues. IMAX also has plans to grow its footprint, with 1,700 screens in operation and contracts in place for 500 more.
Wall Street Doesn't Ignore IMAX's Success
The company's strong showing hasn't been limited to one title. Warner Bros. (WBD) 'Sinners' and Paramount's (PARA) 'Mission: Impossible – The Final Reckoning' also posted similar screen share wins for IMAX this year.
Wall Street isn't ignoring this trend, either. Over the past week, five analysts reiterated Buy ratings on IMAX, with price targets ranging from $30 to $36. Five-star analyst Eric Handler of Roth MKM set the high end at $36, suggesting 33.7% upside from current levels. Another five-star analyst, Alicia Reese of Wedbush, bumped her target from $32 to $34, citing strength in IMAX's filmed-for-IMAX slate and upcoming releases. Omar Mejias at Wells Fargo maintained his Buy rating with a $30 target, pointing to solid market share gains and a strong Q4 pipeline.
There is a note of caution, though. Insider sentiment has turned negative, with CEO Richard Gelfond selling $2.71 million worth of shares in May. Still, with strong demand, solid film performance, and analyst support, IMAX is drawing attention as a premium play in the theatrical comeback story.
Is IMAX a good stock to buy?
The bullish sentiment remains when we examine IMAX's analysts' forecast, with a Strong Buy consensus rating. The average IMAX stock price target is $32.60, implying a 21.05% upside.
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