Piper Jaffray initiated coverage on TiVo (NASDAQ: TIVO) with an Overweight rating and a $16.00 price target.
Piper Jaffray noted, “TiVo continues to ride the strength of its IP portfolio with recent, and likely future, settlements that are nicely padding the balance sheet, funding R&D, and enabling potential acquisitions. Additionally, TiVo is experiencing improving trends in licensing its technology to service providers; currently, the company has deals with 9 of the top 21 domestic TV service providers in the US and multiple int’l operators. The result is that TiVo is expecting to be full year adjusted EBITDA profitable in FY14 (ending Jan-14).”
TiVo closed at $12.44 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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TiVo Receives New Coverage from Analysts at Piper Jaffray (TIVO) (Zolmax)
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