UPDATE: Brean Murray Reiterates Buy Rating, Lowers PT on Rovi Corporation

In a report published Wednesday, Brean Murray, Carret & Co. reiterated its Buy rating on Rovi Corporation

, but lowered its price target from $33.00 to $17.00. Brean Murray noted, “Rovi has been a slow moving train wreck since the acquisition of Sonic Solutions with two major resets in less than a year. To their credit, investors recognized the pattern of mis‐representation from prior management and have been abandoning the company at an accelerated pace on the hunch that this sort of thing would occur. We are a cutting our price target on ROVI to $17 from $33, which is based on 10.0x 2012 EPS. We continue to believe there is value in Rovi's core licensing business and management has set the bar low. Vacillations in sentiment have outweighed changes in underlying valuations and we believe the stock is oversold as a result.” Rovi Corporation closed on Tuesday at $17.65.