UPDATE: Oppenheimer Lowers PT on Rentrak to $17

Oppenheimer is out with its report today on Rentrak (NASDAQ: RENT), lowering its PT to $17 from $21.

In its report, Oppenheimer writes, "Our price target of $17 (was $21) represents a 10x (was 13x) EV/EBITDA multiple on our F14 estimate of $19.3M (was $22.9M). Our target multiple is based on a sum-of-the-parts valuation (4x for its PPT [Pay-Per-Transaction] division and 12x (was 15x) for its AMI [Advanced Media and Information] unit). The 4x is lower than the 6x historical multiple for non-growth service companies, while growth companies historically tend to have traded at double-digit multiples."

Shares of RENT closed Friday at $13.57.