UPDATE: Brean Murray Reiterates Buy Rating, Lowers PT for Rovi Corporation

In a company update published earlier today, Brean Murray, Carret & Co. reiterated its Buy rating for Rovi Corporation (NASDAQ: ROVI), but lowered its price target from $41.00 to $33.00.

Brean Murray went on to say “We still see Rovi hitting the midpoint of its 2012 EPS guidance and generating 20% EPS growth in 2013. Unfortunately credibility is at a minimum and ROVI is trading at a hefty discount to EPS growth as a result. While lacking a clear near‐term catalyst, we think the sell‐off is overdone and believe the shares will firm with a return to revenue and EPS growth in 2H12, with momentum building late in 2012 with a stronger outlook for 2013.”

Rovi Corporation closed on Friday at $21.14.