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Imax & Cinemark Shares Soar, Analyst Says Studios Should Start Releasing If They Value Theaters
Jill Goldsmith Co-Business EditorImax shares shot higher Wednesday as Goldman Sachs initiated coverage of the large-format leader with a “buy” rating, saying it’s well positioned to take share in the current environment and has ample cash to navigate a potentially turbulent recovery.The stock was up more than 16% on a day of solid gains for exhibition that saw Cinemark rising over 15% and Marcus up 13% with an hour left of trading. They outpaced other media stocks and an upbeat market.Separately, analyst Eric Wold of B Riley FBR was cautiously upbeat that patchwork and unpredictable theater openings nationwide as COVID-19 cases spike in some states may push studios to release new films sooner instead of waiting for a perfect date.
