TiVo (TIVO) PT Lifted to $18 at Jefferies; Sees Meaningful Share Count Reduction

Jefferies' US Internet Team reiterated a Buy rating and boosted their price target on TiVo (NASDAQ: TIVO) to $18.00 (from $16.00) following Q3 results, saying they see significant potential for meaningful share count reduction by Fiscal '17.

The firm commented, "Healthy sub growth was driven by continued gains in the MSO business (as expected) and also a revitalized retail scene (something of a surprise), where hit products are driving a stabilization of the TiVo owned business. Importantly, we see a significant potential for meaningful share count reduction given management commentary around the aggressive buybacks. The company could buy back roughly a third of its shares by Fiscal '17 year-end (Jan. 2017)."

The firm cut Q4 EPS from $0.09 to $0.04 and FY from $0.30 to $0.24

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 $12.91 yesterday.

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