IMAX: Merriman Says "Sell"

Merriman Curhan Ford analyst Eric Wold this morning downgraded IMAX (IMAX) shares to Sell from Neutral, asserting that investors hopes for the 3D movie market may have gotten out of hand.

“Current valuation on 2010 estimates of 4.7x revenue, 12.5x EBITDA and 30.7x EPS reflect investor optimism that the box office success of Avatar will be replicated with 3D releases in 2010 and beyond,” he writes in a research note.

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