Imax price target raised to $23 from $20 at B. Riley

B. Riley analyst Eric Wold raised the firm’s price target on Imax to $23 from $20 and keeps a Buy rating on the shares. The analyst came away from a meeting with management increasingly confident in both the company’s position to outperform during the industry recovery and that the recent acquisition of SSIMWAVE may be misunderstood in terms of its importance to diversify IMAX’s efforts into other digital distribution platforms. He expects the stock’s valuation multiple to gravitate toward pre-pandemic averages.