UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on TiVo Ahead of F4Q14 Results

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

, and raised the price target from $14.00 to $15.00. In the report, Brean Capital noted, “We look for TiVo to end F14 on a solid note operationally, with strong net add trends, growing Service & Technology revenue, and a well-capitalized balance sheet, even after the company's purchase of Digitalsmiths and completion of an expected $100 million buyback. We believe that TiVo offers potential MSO customers a strong proposition, as an outsourced Xfinity with a SAAS business model. TiVo has suffered from a dearth of new distribution announcements recently, which we would attribute to M&A distractions for new potential customers both in the U.S. and abroad. We think TiVo's prospects as an integrated solution for Charter and Liberty Global have dimmed. However, we believe TiVo's business model is evolving and it is still engaged with both MSO, and now others, as a potential component technology supplier, and that it is in the advanced stages of open RFP with MSO in Europe and Latin America for integrated solutions, and that new deal flow will pick up in 2014. As a result, we are raising our price target to $15 from $14 and we reiterate our Buy rating.” TiVo closed on Monday at $13.02.