This Analyst Remains Bullish On IMAX As 'Avatar: The Way of Water' Continued To Dominate

Rosenblatt Securities analyst Steve Frankel reiterated a Buy rating on the shares of IMAX Corp IMAX with a price target of $22.00.
The analyst said in its second weekend, Avatar: The Way of Water continued to dominate, driving its cumulative global box office to $855.4 million through Sunday.
Despite the weather and a full menu of NFL games on Saturday, in North America the film earned $64 million over the weekend, the analyst added.
Including Monday's estimated box office, the film earned $90 million, bringing the film's domestic total to $287.7 million, the analyst noted.
In international markets, the analyst said, the film collected $168.6 million (-42% wk./wk.), taking the offshore total to $601.7 million.
China, the film's top overseas market, added $25.9 million, pushing the film's total there to $100.5 million, Frankel added.
Outside of North America, IMAX has generated $62.8 million, with $25.8 million (26.2% of total box office) coming from China.
Price Action: IMAX shares are trading higher by 2.22% at $14.27 on the last check Tuesday.
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