Rovi Corporation Price Target Raised Substantially At Collins After Strong Quarter (ROVI)
July 30, 2010 9:34 AM
After Rovi Corporation (NASDAQ: ROVI) reported a strong quarter that beat Wall Street expectations, Collins Stewart is raising its price target to $49 from $45 and is reiterating its Buy rating on the semiconductor company.
In a note to clients, Collins Stewart writes, "We reiterate our BUY rating and increase our PT to $49 ($45 prior) following a solid beat qtr. Accordingly, 2010 EPS guidance was increased, while rev guidance was maintained given the divestiture of Norpak. Rev growth in the qtr was driven by stronger than expected shipments of TVs, as well as the ramp of new CE design wins. Traction continues to build with TotalGuide as it remains on track to begin shipping later this year with Sony’s Google TV. Finally, we see continued momentum in 2H’10 from the ramp of additional CE design wins and anticipate additional online IPG licensing agreements."
Shares of Rovi Corporation are trading up in early Friday trade, at $43.99, up 4.59%.
