Deutsche Bank Downgrades Rentrak (RENT) to Hold; Valuation Call

Deutsche Bank downgraded Rentrak (NASDAQ: RENT) from Buy to Hold with a price target of $21.00.

Deutsche analyst says, "We are downgrading Rentrak to Hold based primarily on valuation, as we believe the company's recent momentum in the local TV business is priced in, though we are also a bit more cautious on the sustainability of this momentum in light of our channel checks and the potential chilling effect on Rentrak's progress when Nielsen articulates its own strategy later this year. At 19x calendar 2013 EBITDA and the share price now within 6% of our $21 target, which we see no reason to change, we are adopting a neutral stance."

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

Shares of Rentrak closed at $20.15 yesterday.

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