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Morgan Stanley starts IMAX at Overweight with $63 target
The firm said its target implies about 21% upside at roughly $52 per share, while MarketBeat notes IMAX recently slid 5% after being pulled back from 12-month highs.
MarketBeat Ratings reports that Morgan Stanley initiated coverage on IMAX, starting the stock at Overweight with a $63 price target. The move came as investors pushed the shares to a new 12-month high, according to the outlet.
The note frames IMAX as becoming more central to the moviegoing experience, pointing to a growing screen network. MarketBeat Ratings adds that Rosenblatt also has a positive view, with a $65 target.
Even with multiple bullish calls, the outlet says the analyst tally stands at 11 Buys and three Holds. It also highlights that the stock has been treated as a cyclical bet tied to film releases, and notes IMAX fell 5% on Thursday.
MarketBeat Ratings further describes Morgan Stanley's view that IMAX could act like a flywheel, where more screens attract more filmmakers and more IMAX-shot releases draw larger audiences. At about $52 per share, the $63 target would imply roughly 21% upside, the outlet says.