UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on Rovi Corporation
In a report published Friday, Brean Capital reiterated its Buy rating on Rovi Corporation (NASDAQ: ROVI), and raised its price target from $20.00 to $22.00.
Brean Capital noted, “Rovi announced that it intends to sell the Rovi Entertainment Store (RES), moved the business to discontinued operations, issued pro forma financials for the first three quarters of 2012, and narrowed its 2012 guidance. We believe this is a positive development that further de-risks the company and will enhance its earning power in 2013 and beyond. We are lowering our 2012 revenue estimate to $650 million from $665 million, but raising our non GAAP EPS estimate to $2.10 from $1.85. We are lowering our 2013 revenue estimate to $650 million from $688 million, but raising our non GAAP EPS estimate to $2.20 from $2.10. Given our expectations for an enhanced earnings profile, we are raising our target price on shares of ROVI to $22 from $20, and we reiterate our Buy rating.”
Rovi Corporation closed on Thursday at $15.85.
Latest Ratings for ROVI
|Aug 2015||JP Morgan||Upgrades||Neutral||Overweight|
|May 2015||Stephens & Co.||Maintains||Equal-weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.