TiVo (TIVO) Reports Subscriber Momentum; FBR Capital Reiterates Market Perform
FBR Capital reiterated a Market Perform rating and $10.00 price target on TiVo (NASDAQ: TIVO) following the company's 3Q earnings report. TiVo's service and technology revenues of $102.8 million were at the top end of the guidance range of $100 million to $103 million. Third-party subs rose more than expected, climbing 418,000 to 5.5 million.
Analyst Barton Crockett commented, "TiVo's F3Q16 earnings report post-close featured a positive inflection in MSO standalone subscriber growth that offers a very encouraging backdrop for a report that otherwise financially was in line. The sub growth is encouraging evidence that TiVo's MSO relationships and offering are gaining traction, and that the company is also gaining a modicum of momentum at retail heading into Christmas."
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Shares of TiVo closed at $9.31 yesterday.