Cowen reiterated an Outperform rating on RPX Corp (NASDAQ: RPXC), and cut the price target to $17.00 (from $18.00), following the company's 3Q earnings results. Revenue and non-GAAP EPS of $68.2MM and $0.19 were in-line with the Street $70.2MM and $0.19 estimates. The company continues to make strong progress on winning and retaining new, emerging growth clients and should soon begin to fully capitalize on its growing broker channel to drive top-line growth.

Analyst Timothy Arcuri commented, "While CQ4 was implicitly cut, core subscription revenue remains unchanged, as does the story. The build-out of insurance is the next step on a road to findings ways to monetize its market intelligence. Target to $17."

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Shares of RPX Corp closed at $15.13 yesterday.