Rovi Corp. (ROVI): Last Two Major Deals are When Not IF - B. Riley
Get Alerts ROVI Hot Sheet
Rating Summary:
7 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
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B. Riley analyst, Eric Wold, noted that Tuesday morning, Rovi Corp. (NASDAQ: ROVI) announced a multi-year license renewal with Verizon (VZ; N/R), which was the “top 10 U.S.-based service provider” that went out of license during Q1-16. With this license renewal (that is likely at least four years as it extends into the next decade), ROVI now has 8 of the top 10 U.S. service providers under license. The license renewals with both Comcast (NASDAQ: CMCSA) and DISH/EchoStar (NASDAQ: DISH) are still outstanding, but the analyst believes the successful renewals over the past 12-18 months with Charter Communications (CHTR; N/R), Sony Corporation (SNE; N/R), Time Warner Cable (TWC; N/R), AT&T/DirecTV (T; N/R) and now Verizon represent clear signals as to the value of ROVI IP portfolio. The remaining two renewals are really a matter of when and not if.
No change to Buy rating or $29 price target.
For an analyst ratings summary and ratings history on Rovi Corp. click here. For more ratings news on Rovi Corp. click here.
Shares of Rovi Corp. closed at $15.86 yesterday.
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