Analysts’ Recap: Baidu.com, Inc. (ADR) (NASDAQ:BIDU), IMAX Corporation (USA) (NYSE:IMAX)
NEW YORK, January 08,2013 (MESHPRESS) – Csrnewsdaily.com, an investor research portal specializing in several sectors including biotech and healthcare and tech stocks on the U.S. market, issues news updates on the following Tuesday’s Top Gainers:-
Shares of Baidu.com, Inc. (ADR)(NASDAQ:BIDU) fell by $2.36 or 2.25% to $102.29 after Barclays downgraded the company’s stock to Equalweight from Overweight with a price target of $113 per share, a fall by almost 18% stating due to its earnings risk, lack of mobile visibility and traction by Qihoo 360 Technology Co Ltd(NYSE:QIHU) the firm sees limitation for the Company’s coming year.
How Should Investors Trade BIDU After The Recent Downgrade? Find Out Here
On the other hand, JP Morgan analyst Townsend Buckles expects IMAX Corporation (USA)(NYSE:IMAX) to render its continued 2012 success with EBITDA growth which is expected to come in above 55% for the year and the strong earnings performance through 2013 and 2014.
The firm rates the company with overweight and a price target of $30 representing upside of roughly 30%.
Is IMAX A Buy After The Recent News? Get Free Trend Analysis Here
With the expansion of its global screen count and box office trends remaining favorable from the company’s emerging market exposure and focus on blockbuster movies, the Hobbit’s box office results has exceeded even internal company targets although the results have fallen short of movie industry expectations.
The analyst estimates The Hobbit grossed $46-million in IMAX for December and looks to do well in January.
“The higher box office reflects Hobbit and Skyfall outperformance as well as the higher number of titles in the quarter at 14 reflecting management’s strategy to fill quiet periods between blockbusters, particularly during China’s Hollywood blackouts,” Mr. Townsend told clients.
He raised his fourth quarter box office estimate for IMAX by 12% to $146 million and adjusted earnings per share forecast to 18 cents.
Noting that the company is positioned to see EBITDA rise at a compound annual growth rate of about 20% over the next five years Mr. Townsend said “We see IMAX as an ongoing beneficiary of the prevailing secular growth trends in cinema: emerging theatrical markets (most notably the BRICs) and Hollywood’s focus on big budget films with broad global appeal.”
Trading at 12.5x JPMorgan’s 2013 adjusted EBITDA forecast and 9x for 2014, he finds IMAX’s valuation attractive as it offers the strongest earnings growth outlook the firm’s media universe.
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