TiVo Corporation Receives a Buy from B.Riley FBR

By Austin Angelo

In a report released yesterday, Eric Wold from B.Riley FBR reiterated a Buy rating on TiVo Corporation (NASDAQ: TIVO), with a price target of $31. The company’s shares closed yesterday at $17.65.

Wold said:

“We had been optimistic that the final determination would mirror the findings and recommendations of the initial determination that was issued in May — and this proved to be the case with the ITC finding two of TIVO’s patents to be valid (‘263 and ‘413) and that Comcast had violated section 337 with regard to those two patents along with issuing a limited exclusion order (LEO) that prohibits the importation of any more X1 STBs by Comcast into the U.S. This LEO would go into effect after a 60-day Presidential review period assuming it is approved by the President and U.S. Trade Representative. Keep in mind that the ITC can only put into place a go-forward remedy, so there is no ruling around or remedy for While we continue to believe that a final determination in TIVO’s favor could put pressure on .”

According to TipRanks.com, Wold is a 4-star analyst with an average return of 5.7% and a 50.5% success rate. Wold covers the Services sector, focusing on stocks such as Salem Communications Corp, Lions Gate Ent Corp Cl A, and Ballantyne Strong Inc.

Currently, the analyst consensus on TiVo Corporation is Strong Buy and the average price target is $26, representing a 47.3% upside.

In a report issued on November 13, Piper Jaffray also assigned a Buy rating to the stock with a $25 price target.

The company has a one-year high of $22 and a one-year low of $15.15. Currently, TiVo Corporation has an average volume of 644.7K.

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TiVo Corp. provides entertainment technology, software, and services. It operates through the Intellectual Property Licensing and Product segments.