Benchmark boosts Imax target to $22, says movie goers will return

Benchmark analyst Mike Hickey raised the firm’s price target on Imax to $22 and reiterates a Buy rating on the shares. The stock closed Friday up 24c to $18.64. The aggressive distribution of COVID-19 vaccines will mitigate the impact of the virus influence on the theatrical business in the near term, Hickey tells investors in a research note. The analyst anticipates the vast majority of global Imax premium large format screens will re-open in fiscal 2021, blockbuster films will release, and that movie goers will return to theaters.