UPDATE: Stifel Nicolaus Initiates Envivio with Buy, $12 PT on Internet Video Outlook

Stifel Nicolaus initiates its coverage on Envivio ENVI with a Buy rating and a $12 price target. Stifel Nicolaus notes, "Envivio, Inc. is a leading provider of multi-screen video solutions. The company develops software-based encoders that allow service providers to deliver broadcast and on-demand video to multiple screens including tablets, smartphones, PCs and TVs. MSOs and telcos are starting to offer live TV and video services to mobile devices like tablets and smartphones, a trend called 'TV Everywhere'. The encoder market for multi-screen devices is nascent and growing fast. Envivio's current market is growing at a CAGR of 17%, but it expects to expand its TAM with new offerings that will push its addressable market to $1.2 billion by 2015, a CAGR of 34% from its current level." ENVI closed at $7.71 on Friday.