UPDATE: Brean Capital Reiterates On Rentrak Following Investor Day

In a report published Friday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on Rentrak Corporation (NASDAQ: RENT), and raised the price target from $84.00 to $86.00.

In the report, Brean Capital noted, “Rentrak held an investor day in New York yesterday at which it announced a key strategic deal with WPP, the largest global advertising holding company, highlighted its progress in local television advertising, moves into on demand and TV Everywhere advertising, and position for industry wide shifts to a system of addressable advertising for television supported by dynamic ad insertion and programmatic execution similar to digital.

"We believe the importance of the WPP deal to the positioning of Rentrak cannot be understated. With it Rentrak essentially receives its strongest endorsement yet from the largest and most important player in the global advertising business and cemented itself as the leading measurement solution in the advanced advertising ecosystem for television in the U.S. further enhancing the likelihood of it displacing Nielsen as the currency for buying and selling television advertising. As a result, we are raising our target price to $86 from $84 and reiterating our Buy rating.”

Rentrak Corporation closed on Thursday at $72.07.