Brean Capital maintained a Buy rating on Rovi Corp. (NASDAQ: ROVI), a cut the price target to $20.00 (from $31.00), following 2Q15 results. Rovi reported 2Q15 revenue of $128 million and EPS of $0.38. Management lowered its full year guidance for revenue to $500 million to $530 million, from $535 million to $565 million, and for non-GAAP EPS to $1.35 to $1.60, from $1.55 from $1.85.

Analyst Todd Mitchell commented, "Rovi has lost investor support, but it is not going to $0, and we see no reason to downgrade at the bottom. Last night Rovi missed 2Q15 consensus and lowered its guidance for the full year, citing difficulty in getting complex deals done on a timely basis and a desire to derisk the outlook for the stock. We know it is non-consensus, but we believe Rovi will be able to renew its licensing agreements with the large U.S. MCVP and we think that Rovi’s product strategy is legitimately smart. However, we cannot imagine a more negative narrative for the company than what has happened over the past six months and we can understand why the company has all but lost investor support. We are lowering our estimates for 2015 to be in line with management’s new guidance, and our 2016 and 2017 estimates to reflect a more conservative outlook for the timing and pricing of renewals, and as a result we are cutting our target price to $20 from $31. However, we ultimately see upside in the stock and are maintaining our Buy rating."

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Shares of Rovi Corp. closed at $12.78 yesterday.