UPDATE: Brean Capital Reiterates On Rentrak As Recent Weakness Provides Compelling Opportunity
In a report published Wednesday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on Rentrak (NASDAQ: RENT), but lowered the price target from $72.00 to $74.00.
In the report, Brean Capital noted, “Shares of RENT have retrenched with no change in the underlying conditions for their original ascent. In fact, we see strong evidence to the contrary.
"TVEssentials growth is accelerating due to growing awareness of the advantages it brings to the ad buying process, and the industry is acutely focused on the need to shift advertising to on-demand content where Rentrak is uniquely well positioned. We believe Comcast (CMCSA $52.32, Buy) sees a multi-billion opportunity in advertising and that its acquisition of TWC (TWC $141.59, Buy) will serve as the catalyst for the adoption of new models for TV advertising.
"As TV advertising adopts the economic and execution models of online, it will need to adopt similar measurement and analytical tools. We see Rentrak as singularly well positioned to fulfill this need and believe that the addressable opportunity is over $1 billion.”
Rentrak closed on Tuesday at $48.18.
Latest Ratings for RENT
|Sep 2014||Wunderlich||Initiates Coverage on||Buy|
|Sep 2014||Needham||Initiates Coverage on||Buy|
|Feb 2014||Brean Capital||Maintains||Buy|
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