Imax price target lowered to $22 from $26 at Roth MKM

Roth MKM lowered the firm’s price target on Imax to $22 from $26 but keeps a Buy rating on the shares. The firm is adjusting its model as it lowers its 2024 global box office forecast for IMAX to $1.0B from its prior $1.15B to account for strike-related production stoppages that have caused seven major movie releases to get pushed out of 2024 and into 2025, but also notes that these issues were “temporary”. Investors are not giving IMAX enough credit for its increasing local language contributions, its expanding global footprint and accelerating installation pace, and the potenital from its relaunched Stream Smart service, the analyst tells investors in a research note.