Stock analyst upgrades Regal, IMAX, Carmike after Transformers release
June 29, 2009 – 2:14 pmFrom Associated Press:
An analyst at Merriman Curhan Ford upgraded shares of Regal Entertainment Group and raised estimates for Imax Corp. and Carmike Cinemas Inc. Monday after the Paramount Pictures film “Transformers: Revenge of the Fallen” took the top spot at the box office during its opening weekend.
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[Eric] Wold reiterated his “Buy” rating and increased his second-quarter estimates for Imax, pointing out that the “Transformers” movie generated an estimated $18.3 million in its first five days of playing on the company’s large screens. Imax had said on Sunday that the movie showed “exceptionally strong opening results.”
Wold had expected Imax’s second-quarter box office results to total $59 million, but said with the success of “Transformers” he now expects $75 million in the quarter. He added this estimate might still be conservative by $4 million or $5 million.
“In addition, the movie could help drive upside to 3Q box office expectations,” he said.
The analyst now thinks Imax will report second-quarter earnings of 4 cents per share on $38.2 million in revenue, compared with an earlier estimate of a penny per share on $35.7 million.
UPDATE: More on IMAX’s positive stock outlook:
Epiphany Investing: Welcome Back To The Land Of The Viable, IMAX
The Hollywood Reporter: ‘Transformers’ primes exhibitor stocks
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