TiVo (TIVO) Outperform Rating Reiterated at Barrington Research

Barrington Research maintained an Outperform rating on TiVo (NASDAQ: TIVO) with a modified price target of $15 (from $19). Analyst James C. Goss discussed its strategy and positioning.

"TiVo continues to move forward with software solutions designed to sustain and improve its positioning as video consumption continues to evolve in terms of the method of content distribution and the locations at which video consumption takes place," said Goss.

"The high-capacity, highquality Roamio device is emblematic of TiVo’s current direction as it continues to distance itself from its origin as first commercial rollout of the DVR and more recent legacy as winner of legal actions defending its patents underlying that device category. Importantly, TiVo’s software solutions do not require that its own hardware be used, a plus for developing certain service provider relationships," continued the analyst.

"Fundamental story includes growing subscriber base, more service provider deals, and potential for increasingly meaningful role in the development of advanced television solutions including OTT. Share buybacks add to value, with $422 million remaining on its share repurchase authorization that would reduce its share base by about one third," he said.

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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