Hudson Square Expects TIVO to Report Strong FY4Q12

According to a research report released earlier today, Hudson Square has increased TiVo's TIVO FY13 estimates following the recent AT&T T settlement and positive results at Virgin Media VMED. Hudson Square said in the report, “We forecast service and tech revenues rose 21% Y/Y to $49.9M. Driven by the assumed recognition $51M from the AT&T settlement, we have raised our GAAP EPS estimate from a loss of $0.25 to a gain of $0.12. On strong Virgin results We have raised our FY13 partner net sub forecast from 801K to 1.3M though given the lack of DIRECTV marketing, we still believe some street estimates of ~2M could prove optimistic.” Hudson Square maintains its Buy rating and $20 PT on TiVo, which closed Friday at $12.01.