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B.Riley FBR analyst Eric Wold initiated coverage with a Buy rating on TiVo Corporation (TIVO) today and set a price target of $18. The company’s shares closed yesterday at $8.77, close to its 52-week low of $8.73.
Wold wrote:
“After the close on Corporation (TIVO) reported mixed 1Q19 results with revenues slightly above estimates and adjusted EBITDA below estimates on elevated SG&A. Although management reinstated annual guidance with revenues and adjusted EBITDA above our and consensus expectations, the focus was the news that the Board approved a separation and spin-off of the Product division as a result of the strategic review (although discussions continue with interested parties for one or both divisions). While are optimistic that a separation could help to highlight the growth opportunities and valuation prospects for each operating division separately, we acknowledge this may not be readily apparent near term as an immediate sale of the Product division would have been to shareholders.”
According to TipRanks.com, Wold has currently no stars on a ranking scale of 0-5 stars, with an average return of -3.7% and a 39.1% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
Currently, the analyst consensus on TiVo Corporation is a Moderate Buy with an average price target of $23.
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The company has a one-year high of $15 and a one-year low of $8.73. Currently, TiVo Corporation has an average volume of 918.6K.
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TiVo Corp. provides entertainment technology, software, and services. It operates through two segments: Intellectual Property Licensing and Product.
