TiVo (TIVO) Q110 Preview: EchoStar Case Will Shadow Actual Results (SATS, DISH, CMCSA, More...)
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Shares of TiVo (Nasdaq: TIVO) are trading lower ahead of the company's first quarter earnings results, expected to be released after the market closes on Tuesday, May 25, 2010. Shares are down about 3% to $8.78 in the early afternoon trading session.
Analysts expect TIVO to post a loss of $0.16 on revs of $42.84 million. Last quarter, the company reported an EPS of $0.09 on revs of $68.5 million, both blasting away views. At the time, the company foresaw a net loss of $19 - $21 million. With 113,245,839 shares outstanding, that amounts to a loss of $0.17 - $0.19. One year ago, TIVO reported a loss of $0.04 and revs of $54.9 million, both beating views.
Shares of the company are down 49% since last quarter's results, and are currently down 12.4% YTD. Shares hit a high of $18.93 on April 26, 2010, with a low of $8.52 on February 5, 2010.
TiVo's enterprise value-to-revenue ratio is at 3.28. Comparably, Comcast (Nasdaq: CMCSA) is trading at 2.09, Dish Network is 1.14, DirecTV (NYSE: DTV) has 1.76, and EchoStar is going for 0.57.
Data from Bloomberg shows that 8 analysts have a Buy on the stock, 3 have a Hold, and one recommends to Sell the shares. The analysts price target average is $17.36, with a high of $24.50, and a low of $10.00.
News Through the Quarter
Things were looking pretty good for TiVo in early March, as the company initially won a patent infringement case versus EchoStar (Nasdaq: SATS) and DISH Networks (Nasdaq: DISH). The stock jumped 43% on the news.
The good news didn't last long for Tivo. In May, an appeals court granted a rehearing en banc to reconsider the decision. Shares fell 40% on the news.
In April, talks of takeover speculation added about 4% to the share price, though nothing has emerged yet. One analyst from Citi made a case for EchoStar buying TIVO.
Analyst Moves
Analysts at Kaufman Bros. called the En Banc review of the Dish appeal a "worse-case outcome for TIVO shareholders." They said the best-case now is this pushes the settlement out almost a year and other scenarios open "a whole other can of worms." They downgraded shares of Tivo from Buy to Neutral with a $10 price target on the review.
Summary
Kaufman Bros said they expect Q1 results to show no change in recent trends. They said with the Dish lawsuit now on hold, TiVo will need to show operating progress. The firm maintained their Hold rating and $10 price target.
TiVo Inc. is expected to release their Q110 earnings on Tuesday, May 25, 2010, at approximately 4:00pm EDT. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
Analysts expect TIVO to post a loss of $0.16 on revs of $42.84 million. Last quarter, the company reported an EPS of $0.09 on revs of $68.5 million, both blasting away views. At the time, the company foresaw a net loss of $19 - $21 million. With 113,245,839 shares outstanding, that amounts to a loss of $0.17 - $0.19. One year ago, TIVO reported a loss of $0.04 and revs of $54.9 million, both beating views.
Shares of the company are down 49% since last quarter's results, and are currently down 12.4% YTD. Shares hit a high of $18.93 on April 26, 2010, with a low of $8.52 on February 5, 2010.
TiVo's enterprise value-to-revenue ratio is at 3.28. Comparably, Comcast (Nasdaq: CMCSA) is trading at 2.09, Dish Network is 1.14, DirecTV (NYSE: DTV) has 1.76, and EchoStar is going for 0.57.
Data from Bloomberg shows that 8 analysts have a Buy on the stock, 3 have a Hold, and one recommends to Sell the shares. The analysts price target average is $17.36, with a high of $24.50, and a low of $10.00.
News Through the Quarter
Things were looking pretty good for TiVo in early March, as the company initially won a patent infringement case versus EchoStar (Nasdaq: SATS) and DISH Networks (Nasdaq: DISH). The stock jumped 43% on the news.
The good news didn't last long for Tivo. In May, an appeals court granted a rehearing en banc to reconsider the decision. Shares fell 40% on the news.
In April, talks of takeover speculation added about 4% to the share price, though nothing has emerged yet. One analyst from Citi made a case for EchoStar buying TIVO.
Analyst Moves
Analysts at Kaufman Bros. called the En Banc review of the Dish appeal a "worse-case outcome for TIVO shareholders." They said the best-case now is this pushes the settlement out almost a year and other scenarios open "a whole other can of worms." They downgraded shares of Tivo from Buy to Neutral with a $10 price target on the review.
Summary
Kaufman Bros said they expect Q1 results to show no change in recent trends. They said with the Dish lawsuit now on hold, TiVo will need to show operating progress. The firm maintained their Hold rating and $10 price target.
TiVo Inc. is expected to release their Q110 earnings on Tuesday, May 25, 2010, at approximately 4:00pm EDT. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
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