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Benchmark elevated its Imax Corp.
IMAX,
selling price target to $24 from $23 Monday, citing the company’s better-than-envisioned box workplace efficiency.
“IMAX’s international box workplace (GBO) for 3Q considerably exceeded our estimate, creating $347M, in comparison to our projected $237M,” wrote Benchmark analyst Mike Hickey, in a observe introduced Monday. “The GBO achieved a remarkable 141% of its pre-pandemic performance for the exact same quarter, underlining the outstanding ongoing restoration of IMAX.”
Hickey claimed that China could existing even more restoration probable in 2024, though domestic and intercontinental markets are projected to match or exceed their pre-pandemic box business office benchmarks.
Relevant: Imax liked ideal at any time July box business office, boosted by ‘Oppenheimer’
Final month the high-conclude motion picture theater operator announced that summer blockbuster “Oppenheimer” experienced achieved $170 million in international box-business income throughout the company’s network, boosted by its debut in China, generating it the fifth-highest-grossing Imax release. In August, Imax reported that it had relished its greatest-ever July at the box workplace, boosted by the accomplishment of “Oppenheimer.”
“Oppenheimer,” which was shot with Imax cameras and directed by Christopher Nolan, was a person of the key film releases of the summer time, along with Greta Gerwig’s “Barbie.” That movie, starring Margot Robbie and Ryan Gosling, strike Imax for a limited engagement on Sept. 22, with additional submit-credit footage.
Shares of Imax ended Monday’s session down 1.9% Monday, although the S&P 500 index
SPX
rose .6%.
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