Anthony N. Gikas from Piper Jaffray is downgrading Imax (NASDAQ:IMAX) to Underperform from Market Perform and cutting price tgt to $6 from $11 after the disappointing results and failure to sell the company, citing the following catalysts: 1) visibility on fundamentals is limited; 2) sale of company was misguided; 3) new signings have slowed; 4) poor performance of recent films; 5) reduced earnings expectations for CY06/CY07; 6) vast change to strategy presents execution risk; and 7) IMAX may not be able to meet capital requirements necessary to develop and launch new digital IMAX systems.
Notablecalls: This is exactly the kind of research note we do NOT like to see - cutting shares to Underperform AFTER the news and the collapse in share price when there is no downside to your price tgt. Could someone please provide research department of Piper Jaffray after hours prices? Anthony, the shares closed at $6.17 in after hrs trading!
Notablecalls: This is exactly the kind of research note we do NOT like to see - cutting shares to Underperform AFTER the news and the collapse in share price when there is no downside to your price tgt. Could someone please provide research department of Piper Jaffray after hours prices? Anthony, the shares closed at $6.17 in after hrs trading!
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