UPDATE: Goldman Sachs Reiterates on TiVo Following Strong F3Q14 Results

In a report published Wednesday, Goldman Sachs analyst Heather Bellini reiterated a Buy rating on

, and raised the price target from $15.00 to $16.00. In the report, Goldman Sachs noted, “TIVO reported F3Q14 revenue of $117mn vs. the Street at $103mn. Hardware revenue of $35.6mn exceeded the Street at $22.1mn given better than expected TIVO-owned and MSO subscriber additions. In the case of TIVO-owned gross subscriptions, gross adds were +10% yoy to 33k vs. (29)% yoy to 20k last quarter. As well, MSO net subscriber additions were 295k (+23% yoy) in F3Q14 vs. 238k net ads (-6% yoy) in F2Q14. Given topline upside, net income also came in above at $12.5mn vs. consensus of $7.8mn. As such, GAAP EPS came in at $0.10 vs. the Street at $0.06.” TiVo closed on Tuesday at $13.24.