UPDATE: Hudson Square Research Lowers PT on TiVo Ahead of 2Q Earnings Report

In a report published Friday, Hudson Square Research analyst Daniel Ernst reiterated a Buy rating on TiVo (NASDAQ: TIVO), but lowered the price target from $20.00 to $15.00.

In the report, Hudson Square Research noted, “Following the conclusion of TiVo's long standing patent litigation, the focus for TiVo ahead of 2Q earnings due after the close on 8/27 returns to fundamentals where we see as many challenges as we see opportunities. However, supported by a very strong balance sheet, we view TiVo's enterprise value as low relative to recent growth in both MSO subscribers and margins. Therefore, we maintain our Buy rating, while we lower our price target from $20 to $15.”

TiVo closed on Thursday at $10.87.