TiVo Stock up 17% Mid-Day After Latest Earnings

NEW YORK - Shares of DVR pioneer TiVo rose were up more than 17 percent in mid-day trading Thursday after analysts lauded the company's latest quarterly results. As of 12:50pm ET, TiVo's stock was yo 17.6 percent at $9.55, giving the company a market value of $1.2 billion, according to Bloomberg. The stock has over the past year traded between $7.06, hit earlier this month, and $12.65 in late April. Janny Montgomery Scott analyst Tony Wible, who has a "buy" rating on the stock, increased his fair value estimate on the stock from $16.50 to $18 saying that TiVo "will benefit from rising IPTV competition that will lead more [pay TV companies] to quickly seek next-generation interface technology on a cost effective manner." In a report entitled "Turning the Tide," he also lauded the company's swing to growth in third-party subscriber net additions. Lazard Capital Markets analyst Barton Crockett, who has a "buy" rating and $13 target price on TiVo, similarly said "we got what we wanted" in the latest earnings report: "the first growth in third-party subs in five years and confirmation that the DirecTV launch is on deck very soon." Third-party subs grew by 10,000. Evercore Partners analyst Alan Gould, who has an "equal weight" rating and $11 price target on TiVo, echoed his peers. Quarterly results were "better than expected, particularly on a subscriber basis," he wrote. Email: Georg.Szalai@thr.com Twitter: @georgszalai Related Topics