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In a report released today, Eric Wold from B.Riley FBR maintained a Buy rating on TiVo Corporation (NASDAQ: TIVO), with a price target of $23. The company’s shares closed yesterday at $12.08, close to its 52-week low of $11.12.
Wold wrote:
“We acknowledge that having nine of the original 15 patents asserted against Comcast completely invalidated/dismissed by the PTAB or U.S. District Court definitely diminishes TIVO’s claim against Comcast. However, given 1) our understanding TIVO believes as many as 50-100 patents can be mapped to Comcast’s X1 platform, 2) TIVO has already filed another U.S. District Court case with six more patents, 3) TIVO signed/extended licenses with AT&T/DirecTV, DISH Network, Altice and others since the Comcast dispute originally began, and 4) a solid number of patent claims have successfully emerged from the IPR process, this keeps us positive around TIVO’s prospects in eventually securing a license and settlement from Comcast. And we continue to estimate that a Comcast license/settlement could be worth $10 per share in incremental value to TIVO shareholders.”
According to TipRanks.com, Wold is a 5-star analyst with an average return of 11.6% and a 58.2% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, National Cinemedia, and AMC Entertainment.
TiVo Corporation has an analyst consensus of Moderate Buy, with a price target consensus of $23.
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The company has a one-year high of $19.48 and a one-year low of $11.12. Currently, TiVo Corporation has an average volume of 871.1K.
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TiVo Corp. provides entertainment technology, software, and services. It operates through two segments: Intellectual Property Licensing and Product.
