Imax Is 'COVID Recovery Story,' Says Wedbush, Citing 'Outsized' Share in Asia
Imax is a “COVID recovery story,” Wedbush analyst Michael Pachter wrote investors Friday, upgrading the stock to “outperform.” Pent-up demand in Q1 for out-of-home entertainment drove “outsized market share” for Imax in Asian markets, he said. Wedbush expects similar demand…
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to play out in North America and Europe “once the film slate returns to a normal cadence." As the vaccine rollout continues and large markets reopen with increasing theatrical capacity limits, “studios are less likely to further postpone tent-pole titles,” said the analyst. The next upcoming catalyst will be the Memorial Day weekend release of A Quiet Place Part II, which the analyst believes will “drive attendance back to normalized levels.” Imax reports Q1 earnings Thursday.