Imax price target lowered to $22 from $24 at Benchmark

Benchmark lowered the firm’s price target on Imax to $22 from $24 and keeps a Buy rating on the shares ahead of the company releasing fiscal Q4 results on Thursday, February 22. The firm’s revised forecast for Imax’s FY24 global box office now anticipates a 10% contraction, primarily due to the delay of Hollywood blockbusters due to labor strikes, but despite lowering its expectations, the firm remains “optimistic about its performance potentially exceeding these revised forecasts,” the analyst tells investors.