Kaufman Bros. Raises Rentrak (RENT) Price Target To $24

Kaufman Bros. analyst Todd Mitchell reiterated his Buy rating for shares of Rentrak Corporation (Nasdaq: RENT) and raised the price target from $20 to $24.

Mitchell noted that Rentrak Corporation rose above its previous price target after announcing a deal with MTV Networks for TV Essentials. The deal is the latest in a number of positive milestones and announcements.

Although the analyst lowered his fiscal 2011 estimates, his long-term outlook for for Rentrak Corporation remains unchanged and he raised the company's price target.

The Kaufman Bros. analyst wrote, "we believe Rentrak has a better mouse trap. With DISH's dataset now incorporated, Rentrak's TV Essentials offers census level TV ratings data for all 210 DMA. This is a powerful thing. Management is careful to sidestep the obvious, the $70-plus billion in TV ad spend directed by a dataset from Nielsen, which does not stand the test of analytical scrutiny, and is quick to point to even greater potential applications. However, since launching TV Essentials late last year with data from AT&T households, Rentrak has made quick inroads with the unrated networks and affiliate groups, and with the DISH dataset it is now approaching the nationals."