- Benchmark analyst Mike Hickey offered his take on two Entertainment & Digital Media stocks in the post-pandemic world ahead of their quarterly releases.
- Hickey estimates AMC Entertainment Holdings, Inc AMC will release 2Q22 results on August 4. He saw substantial revenue and profit growth in the quarter.
- Hickey cut his AMC 2Q22 growth estimates based on the performance of the box office that underperformed his expectations.
- Attendance trends benefited from a compelling blockbuster film slate and consumer demand for out-of-home experiences.
- He believed the domestic box office could deliver growth in a recession scenario. He had a Market Weight rating on AMC.
- Hickey observed Imax Corp IMAX would release 2Q22 results on July 28. He saw substantial revenue and profit growth in the quarter.
- He raised his IMAX 2Q22 growth estimates based on the box office performance that exceeded his expectations.
- Attendance trends benefited from a compelling blockbuster film slate and consumer demand for out-of-home experiences, somewhat offset by extended pandemic-related lockdowns in the China region that impacted both box office and screen installations.
- He cut his 3Q22 global box office estimates based on a less compelling blockbuster film slate and potential installation weakness.
- He had a Market Weight rating on Imax with a price target of $25.
- Price Action: AMC shares traded higher by 7.29% at $16.49 on the last check Monday. IMAX shares traded higher by 0.90% at $16.79.
- Photo via Wikimedia Commons
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