Roth MKM analyst Eric Handler keeps a Buy rating and $22 price target on Imax. The firm has lowered its Q2 global box office estimates to $175M from $234M amid underperformance in China along with softer than projected contributions from The Fall Guy and Furiosa releases, but it expects strong movie lineups in 2025/2026 to re-accelerate growth, the analyst tells investors in a research note. At enterprise value to expected EBITDA multiples for 2024 and 2025 at 8.1- and 6.8-times respectively, IMAX is trading below double-digit historical levels and more like a traditional exhibitor, not an asset-light entertainment technology platform, the firm added.
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