How Imax makes millions from theaters it doesn't own

Wells Fargo raised its price target on Imax (NYSE:IMAX) to $55, citing record global box office performance. The firm increased its Q3 adjusted EBITDA estimate to $100M and global box office estimate to $712M. Other analysts also raised targets, with StoneX at $65 and Rosenblatt at $65. Imax shares are up 63% over the past year, trading at $51.69.

Wedbush raised its price target for IMAX Corp. to $60, citing record Q3 box office performance and strong financial projections. The firm expects $712M in global IMAX box office revenue, surpassing 2026 guidance. Wedbush forecasts Q3 revenue of $161M, EBITDA of $84M, and EPS of $0.98, all above consensus. Growth drivers include more IMAX titles, global expansion, and alternative content. IMAX is set to report Q3 results the week of October 26.

Morgan Stanley initiated coverage of Imax with an overweight rating and a $63 price target, suggesting 18% upside. The bank cites Imax's growing network, film slate, and box office revenue growth. Imax's box office is projected to reach $1.7 billion in 2028, up from $1.5 billion in 2026. The success of 'The Odyssey' highlights the value of Imax's technology and brand. 12 of 14 analysts rate Imax a buy or strong buy, and shares are up 21% over the past three months.

AMC Entertainment (AMC) shares rose 7% to $2.88 after announcing debt refinancing, pushing its nearest large maturity from 2029 to 2031. The move involves a private placement of first lien notes due 2031 and a cash tender offer for outstanding 2029 notes, funded by new debt facilities. Cinemark (CNK) and IMAX (IMAX) stocks also rose, but less significantly. AMC's refinancing aims to simplify its debt structure and extend maturities, though it does not reduce the total debt.

IMAX Corporation (IMAX) reported strong global growth at the Bank of America 2026 Media, Communications & Entertainment Conference. CEO Rich Gelfond highlighted record box office performance, international expansion, and new revenue streams. Current-quarter box office is on track to exceed $600 million, with significant contributions from international markets and local-language films. The company operates 1,800 theaters, with 500 in backlog, and aims to expand further. IMAX is also diversifying

IMAX stock reached a new all-time high on Monday, rising 3.89% to $54.79. The surge was driven by the record-breaking success of The Odyssey, which became the highest-grossing IMAX release. CEO Rich Gelfond expects this to be their best year. Analyst Steve Frankel predicts IMAX will exceed estimates in the second half of 2026, with shares potentially rising to $60. The company's Q2 2026 revenue grew 12% to $103 million, with adjusted earnings up 65% to $0.43 per share.