Piper Jaffray analyst, Stan Meyers, noted that Lionsgate (NYSE: LGF) beat expectations as the TV segment's contribution margin jumped to 23%, offsetting a tough box office quarter. Revenues were $791M vs consensus $739M. The Film segment reported $542M in revenues, ahead of consensus of $493M, reflecting outperformance internationally ($216M). TV reported revenues of $249M and consensus of $236M. The beat in the TV was largely related to the Orange Is The New Black deliveries and the Pilgrims acquisition. The company posted EBITDA of $46M vs consensus of $28M, largely related to the robust contribution from the TV segment.

The stock is trading up 13% in the after-market but the analyst believes further upside exists. No change to Overweight rating and $30 price target, as the company continues to deliver high quality TV content while systematically assembling a slate that can help replace the Hunger Games franchise in FY17 and beyond.

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Shares of Lions Gate closed at $19.76 yesterday.