UPDATE: Jefferies Reiterates Buy Rating, Raises PT on TiVo on Strong Quarter Revenues

In a report published Wednesday, Jefferies reiterated its Buy rating on TiVo

, and slightly raised its price target from $15.00 to $16.00. Jefferies noted, “With limited new disclosure about the important upcoming Motorola trial (May), our primary takeaway is the continued improvement of the underlying business. Mgmt reaffirmed its goal of achieving Adj. EBITDA profitability including litigation expense in the current fiscal year. For the qtr, revs beat our ests but EBITDA saw modest pressure from litigation costs. Given the prior $1B+ in awards, we think this is money well spent.” TiVo closed on Tuesday at $12.42.