Barrington Research Reiterates on TiVo as Key Quarterly Metrics Top Expectations

In a report published Wednesday, Barrington Research analyst James C. Goss reiterated an Outperform rating and $16.00 price target on TiVo TIVO. In the report, Barrington Research noted, “TiVo reported net income of $12.5 million, or EPS of $0.10, significantly better than our estimate of $0.06 and consensus expectations of $0.06. Earnings were driven by revenue of $117.3 million, up 43% from $82.0 million in the year-ago period. Our estimate called for quarterly revenues of $99.3 million. This was the first full quarter to include the recurring revenue stream that resulted from the Motorola settlement. The variance from our estimates was due to Hardware revenues of $35.6 million compared to our estimate of $20.0 million. Service and Technology revenues, the item more closely tracked, were $81.7 million, modestly above our estimate of $79.3 million and the consensus figure of $81.3 million.” TiVo closed on Tuesday at $13.24.