{"id":70724,"date":"2023-10-09T19:35:24","date_gmt":"2023-10-09T23:35:24","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/imax-praised-as-a-box-office-triumph-as-benchmark-boosts-price-target-to-24\/"},"modified":"2023-10-09T19:35:29","modified_gmt":"2023-10-09T23:35:29","slug":"imax-praised-as-a-box-office-triumph-as-benchmark-boosts-price-target-to-24","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70724","title":{"rendered":"Imax praised as a \u2018box office triumph\u2019 as Benchmark boosts price target to $24"},"content":{"rendered":"
\n

Benchmark raised its Imax Corp.
\n IMAX,
\n -1.87%<\/bg-quote>
\n price target to $24 from $23 Monday, citing the company\u2019s better-than-expected box office performance.<\/p>\n

\u201cIMAX\u2019s global box office (GBO) for 3Q significantly exceeded our estimate, generating $347M, compared to our projected $237M,\u201d wrote Benchmark analyst Mike Hickey, in a note released Monday. \u201cThe GBO achieved a remarkable 141% of its pre-pandemic performance for the same quarter, underlining the impressive ongoing recovery of IMAX.\u201d <\/p>\n

\n

Hickey said that China could present further recovery potential in 2024, while domestic and international markets are projected to match or exceed their pre-pandemic box office benchmarks.<\/p>\n

Related: <\/strong>Imax enjoyed best ever July box office, boosted by \u2018Oppenheimer\u2019<\/p>\n

Last month the high-end movie theater operator announced that summer blockbuster \u201cOppenheimer\u201d had reached $170 million in global box-office sales across the company\u2019s network, boosted by its debut in China, making it the fifth-highest-grossing Imax release. In August, Imax said that it had enjoyed its best-ever July at the box office, boosted by the success of \u201cOppenheimer.\u201d<\/p>\n

\u201cOppenheimer,\u201d which was shot with Imax cameras and directed by Christopher Nolan, was one of the major movie releases of the summer, along with Greta Gerwig\u2019s \u201cBarbie.\u201d That movie, starring Margot Robbie and Ryan Gosling, hit Imax for a limited engagement on Sept. 22, with additional post-credit footage.<\/p>\n

Related: <\/strong>Imax shares rally after earnings beat, with more gains from \u2018Oppenheimer\u2019 still to come<\/p>\n

Shares of Imax ended Monday\u2019s session down 1.9% Monday, while the S&P 500 index
\n SPX
\n rose 0.6%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Benchmark raised its Imax Corp. IMAX, -1.87% price target to $24 from $23 Monday, citing the company\u2019s better-than-expected box office performance. \u201cIMAX\u2019s global box office (GBO) for 3Q significantly exceeded our estimate, generating $347M, compared to our projected $237M,\u201d wrote Benchmark analyst Mike Hickey, in a note released Monday. \u201cThe GBO achieved a remarkable 141% […]<\/p>\n","protected":false},"author":1,"featured_media":70725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-70724","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nImax praised as a \u2018box office triumph\u2019 as Benchmark boosts price target to $24 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Benchmark raised its Imax Corp. 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