Piper Jaffray analyst Stan Meyers believes current share levels provide a "great entry point" into IMAX. Downside risks related to tough Q2 comps and the expiration of Hong Kong short selling restrictions are largely priced in, Meyers tells investors in a research note. The analyst's positive outlook centers around a "strong" quarter-to-date box office, "solid" outlook for the second half of 2016, the "rapid pace" of screen signing activity and the company's virtual reality initiatives. He continues to view IMAX as undervalued and keeps an Overweight rating on the shares with a $45 price target.