Brean Murray Carret & Co. Maintains a 'Buy' on TiVo (TIVO); Q2 Review; Litigation Outlook

August 30, 2012 9:08 AM EDT
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Price: $11.34 --0%

Rating Summary:
    12 Buy, 15 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Brean Murray Carret & Co. maintains a 'Buy' on TiVo (NASDAQ: TIVO) price target of $14.00.

Analyst, Todd Mitchell, said, "TiVo reported 230K net adds, and financial results were in line with guidance and our estimates...We are maintaining our fiscal 2013 net add forecast of just over one million for now, but see risk in a later-than-expected Charter (Nasdaq: CHTR)(not-covered) rollout. Mix will shift, but heavy R&D and higher legal expenses mean operating losses should stay relatively similar in the second half of the year despite higher expected revenue. TiVo is executing well and it should become more apparent in FY14."

"Investors can take heart that value is being created, but the bull case for the stock remains the litigation calendar, with Verizon (NYSE: VZ) going to trial in October, followed by Motorola (Nasdaq: GOOG) in the Spring and Cisco (Nasdaq: CSCO) in the fall. Total claims in these cases are believed to be in excess of $1 billion."

FY13 EPS estimate lowered from (0.79) to (0.84), but FY14 raised from (0.13) to (0.10).

For an analyst ratings summary and ratings history on TiVo click here. For more ratings news on TiVo click here.

Shares of TiVo closed at $9.36 yesterday.

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