UPDATE: J.P. Morgan Initiates Coverage on TiVo

According to a research report published this morning, J.P. Morgan has initiated TiVo TIVO with a Neutral rating and $12.50 PT. In the report, J.P. Morgan commented, “We are initiating coverage of TIVO with a Neutral rating and a $12.50 Dec. 2012 price target. TIVO is a leading provider of DVR and advanced TV solutions. Following a period of decline, TIVO's MSO channel partners are fueling subscriber growth again, and TIVO's patents are generating licensing revenue; however, this appears to be already priced into the stock, which discounts a Vshaped recovery, in our view, and competitive threats abound.” TiVo closed yesterday at $11.28.