UPDATE: Brean Capital Raises PT on Rentrak on Potential for Further Upside

In a report published Wednesday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on

, and raised the price target from $58.00 to $74.00. In the report, Brean Capital noted, “Shares of RENT have risen 175% over the past year, making them the best performing stock in our coverage. However, we see the potential for further upside from 1) an acceleration in TV Essential's growth, underpinned with another high-profile network deal, like the CBS deal, 2) a change in OnDemand data sharing rules, and the emergence of Rentrak as a currency for pricing on-demand advertising, and 3) a re-rating of Rentrak as a growth company with a SAAS business model, following the expected divestiture of its legacy Home Entertainment (HE) segment. As a result, we are raising our target price on RENT to $74 from $58, and we reiterate our Buy rating.” Rentrak Corporation closed on Tuesday at $56.59.