Imax shares shot higher Wednesday as Goldman Sachs initiated coverage of the large-format leader with a “buy” rating, saying it’s well positioned to take share in the current environment and has ample cash to navigate a potentially turbulent recovery.
The stock was up more than 16% on a day of solid gains for exhibition that saw Cinemark rising over 15% and Marcus up 13% with an hour left of trading. They outpaced other media stocks and an upbeat market.
Separately, analyst Eric Wold of B Riley Fbr was cautiously upbeat that patchwork and unpredictable theater openings nationwide as Covid-19 cases spike in some states may push studios to release new films sooner instead of waiting for a perfect date.
“We are less certain that studios will wait for the perfect date to release their films—as that perfect date may never arrive. In other words, waiting for every major market to have...
The stock was up more than 16% on a day of solid gains for exhibition that saw Cinemark rising over 15% and Marcus up 13% with an hour left of trading. They outpaced other media stocks and an upbeat market.
Separately, analyst Eric Wold of B Riley Fbr was cautiously upbeat that patchwork and unpredictable theater openings nationwide as Covid-19 cases spike in some states may push studios to release new films sooner instead of waiting for a perfect date.
“We are less certain that studios will wait for the perfect date to release their films—as that perfect date may never arrive. In other words, waiting for every major market to have...
- 7/15/2020
- by Jill Goldsmith
- Deadline Film + TV
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