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Analysts at Craig Hallium Capital Group reiterated their “buy” rating for TiVo Inc (NYSE: TIVO). The target price for TIVO is set to $15.

Although TIVO posted a 12% y/y decline in its revenues for Q3, they were well ahead of the estimates. Similarly, TIVO’s EBITDA and GAAP EPS were better than the estimates, despite a $1.8 million charge related to subscription over-reporting by DIRECTV. With Virgin having a video-based subscriber base of 4 million, Craig Hallium Capital Group believes that TIVO’s partnership with Virgin Media in the UK will be meaningful.

The partnership has expanded TiVo’s international footprint and effectively places it in the UK market. Craig Hallium Capital Group believes that TIVO’s share price does not sufficiently reflect the company’s strategic positioning, the potential of the under-monetized brand and the magnitude of the change to TiVo’s technology IP.

• J Crew Group (NYSE:JCG) wowed investors with sharply better-than-expected third quarter earnings of 67 cents a share, versus 30 cents a year ago, and ahead of Zacks estimates of 58 cents a share.  Revenues of $414.1 million exceeded last year's $363.1 million and beat projections of $406.6 million.  The firm expects fourth quarter earnings of 37 cents to 42 cents a share

• Goldman Sachs (NYSE:GS) increased its six-month price target for Amazon.com (NASDAQ:AMZN) from $125 to $146, maintaining its "buy" rating. Goldman said it believed online discount wars have added to its traffic flow, generating revenue gains. Fourth quarter estimates were raised from $8.9 to $9.1 billion

• Piper Jaffray (NYSE:PJC) reiterated its "overweight" rating on Dollar Tree (NASDAQ:DLTR), lifting its price target to $60 from $57, its fourth quarter estimates to $1.38 from $1.30, and its 2010 projection to $3.82 from $3.71

• Tiffany (NYSE:TIF) reported better-than-expected earnings of 33 cents a share, 9 cents above Zacks projections, on revenues of $598 million versus Zacks estimates of $575 million. For 2010 the firm projected $1.88 to $1.98 a share versus estimates of $1.77

• Deere (NYSE:DE) reported fiscal fourth quarter earnings of 23 cents a share, 20 cents above Zacks projections, on revenues of $4.73 billion, which bested estimates of $4.44 billion. However, for 2010, the firm expects a sales decline of 1%

• TiVo (NASDAQ:TIVO) reported an inline third quarter loss of 6 cents on revenues of $56.9 million, ahead of the $48 million expected

Zacks Investment Research

For Immediate Release

Chicago, IL – November 30, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: TiVo Inc. (TIVO), EchoStar Corp. (SATS), DIRECTV (DTV), Blockbuster (BBI) and Netflix Inc. (NFLX).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Friday’s Analyst Blog:

TiVo Misses Estimates, Signs Deals

TiVo Inc. (TIVO) reported a net loss of 6 cents a share for the third quarter of fiscal 2010, a penny below the Zacks Consensus Estimate of a loss of 5 cents, and fell substantially from the prior-year quarter. The company had reported EPS of 98 cents in the third quarter of 2009, boosted by $87.8 million in litigation proceeds related to EchoStar Corp. (SATS).

TiVo reported a net loss of $6.7 million for the reported quarter, better than its previously guided range of a net loss of between $8 million and $10 million. Excluding the EchoStar litigation proceeds, TiVo would have posted a net loss of $0.9 million last year.

Despite an improving spending environment, TiVo provided lower-than-expected guidance. Management expects a higher net loss in the range of $13 million to $15 million in the fourth quarter of 2010 due to higher R&D and litigation expenses.

TiVo is not immune to the current challenging economic environment and is facing erosion of its subscriber base. The economic downturn has made operations more difficult. Gross margin dropped to 46.6% from 53.7%. Results for the quarter were impacted by a one time reduction in service revenues associated with a subscription over-reporting error for the past 18 months by DIRECTV (DTV).

TiVo-owned subscription gross additions for the quarter were 34,000, down 25% from 44,000 gross additions in the year-ago quarter. Subscriber acquisition costs fell 48%. The monthly churn or cancellation rate was 1.7%, up from the prior-year quarter churn of 1.4%. At the end of the quarter, there were about 1.5 million TiVo-owned subscribers and 2.7 million total subscribers.

TiVo reported its ninth consecutive quarter of positive adjusted EBITDA of $1.4 million and surpassed the management’s guidance of ($2) million to break-even. However, this was down 98.5% from the year-ago quarter due to lower interest income, fall in Service and Hardware revenue and rise in legal expenses. Adjusted EBITDA is expected to be in the range of ($5) million to ($7) million for the fourth quarter of 2010.


The satellite television provider TiVo is a pioneer in digital video recording (DVR) technology. TiVo has made great strides in differentiating its DVRs from less expensive generics, which helped the company bolster its sagging market share and increase revenue. TiVo recently signed a number of content deals with Blockbuster (BBI) and Netflix Inc. (NFLX), among others.

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Zacks Investment Research

TiVo Inc. (TIVO) reported a net loss of 6 cents a share for the third quarter of fiscal 2010, a penny below the Zacks Consensus Estimate of a loss of 5 cents, and fell substantially from the prior-year quarter. The company had reported EPS of 98 cents in the third quarter of 2009, boosted by [...]

(TIVO) TiVo Misses Earnings Estimates – Signs Deals

TiVo Inc. (TIVO) reported a net loss of 6 cents a share for the third quarter of fiscal 2010, a penny below the Zacks Consensus Estimate of a loss of 5 cents, and fell substantially from the prior-year quarter. The company had reported EPS of 98 cents in the third quarter of 2009, boosted by $87.8 million in litigation proceeds related to EchoStar Corp. (SATS).
 
TiVo reported a net loss of $6.7 million for the reported quarter, better than its previously guided range of a net loss of between $8 million and $10 million. Excluding the EchoStar litigation proceeds, TiVo would have posted a net loss of $0.9 million last year.
 
Despite an improving spending environment, TiVo provided lower-than-expected guidance. Management expects a higher net loss in the range of $13 million to $15 million in the fourth quarter of 2010 due to higher R&D and litigation expenses.
 
Net revenue for the reported quarter declined 11.8% year over year to $56.9 million compared to $65.5 million reported in the prior-year quarter.  Services (the company’s largest segment) and Hardware revenues witnessed year-over-year declines of 20.9% and 23.2%, respectively, partially offset by a rise in Technology revenue, which was up 134% in the quarter.
 
Service and Technology revenue together declined 8.8% to $47.1 million but was in line with the company’s guidance of $46 – $48 million. For the fourth quarter of 2010, TiVo expects to generate Service and Technology revenue of $43 million to $45 million. 

TiVo is not immune to the current challenging economic environment and is facing erosion of its subscriber base. The economic downturn has made operations more difficult. Gross margin dropped to 46.6% from 53.7%. Results for the quarter were impacted by a one time reduction in service revenues associated with a subscription over-reporting error for the past 18 months by DIRECTV (DTV).
 
TiVo-owned subscription gross additions for the quarter were 34,000, down 25% from 44,000 gross additions in the year-ago quarter. Subscriber acquisition costs fell 48%. The monthly churn or cancellation rate was 1.7%, up from the prior-year quarter churn of 1.4%. At the end of the quarter, there were about 1.5 million TiVo-owned subscribers and 2.7 million total subscribers.
 
TiVo reported its ninth consecutive quarter of positive adjusted EBITDA of $1.4 million and surpassed the management’s guidance of ($2) million to break-even. However, this was down 98.5% from the year-ago quarter due to lower interest income, fall in Service and Hardware revenue and rise in legal expenses. Adjusted EBITDA is expected to be in the range of ($5) million to ($7) million for the fourth quarter of 2010.


The satellite television provider TiVo is a pioneer in digital video recording (DVR) technology. TiVo has made great strides in differentiating its DVRs from less expensive generics, which helped the company bolster its sagging market share and increase revenue. TiVo recently signed a number of content deals with Blockbuster (BBI), Netflix Inc. (NFLX), Amazon.com (AMZN) and Disney (DIS).
 
Moreover, to expand internationally, TiVo announced a strategic partnership with Virgin Media Inc. (VMEDW). Under the partnership, TiVo will develop interactive programs to develop middleware and interface Virgin Media's next-generation high-definition set-top boxes in the UK. TiVo launched products this month in New Zealand, which will further boost its international presence.
 
TiVo plans for domestic roll-outs of DIRECTV and RCN Corp. (RCNI) next year. This is in addition to an expected acceleration in Comcast’s (CMCSA) deployment of its services next year and Best Buy’s (BBY) 2010 marketing initiatives.
 
TiVo also struck a deal with Google (GOOG) to integrate its television viewing data into Google's measurement for ads sold through the Google TV Ads platform.
 
TiVo has a market cap of $1.2 billion with no debt and $245 million in cash. We believe that its recent deals will be beneficial for the company in the longer term.
 
TiVo’s long-standing patent dispute with Dish Network Corp (DISH) remains. Additionally, TiVo has filed a lawsuit against large telecom providers such as AT&T (T) and Verizon Wireless (VZ) over its DVR technology. These disputes are a hurdle to the company’s growth.
 
TiVo also faces increasing competition from cable and satellite providers, who have begun offering DVR services with TiVo’s digital cable in one set-top box at no upfront costs and at comparable monthly subscription rates.

Read the full analyst report on "TIVO"
Read the full analyst report on "SATS"
Read the full analyst report on "DTV"
Read the full analyst report on "BBI"
Read the full analyst report on "NFLX"
Read the full analyst report on "AMZN"
Read the full analyst report on "DIS"
Read the full analyst report on "VMEDW"
Read the full analyst report on "BBY"
Read the full analyst report on "GOOG"
Read the full analyst report on "DISH"
Read the full analyst report on "T"
Read the full analyst report on "VZ"
Read the full analyst report on "CMCSA"
Zacks Investment Research

Virgin Media Inc. (VMED), the UK ’s leading entertainment and communications company, has entered into a strategic agreement with TiVo Inc. (TIVO) under which the latter will develop next-generation TV platform for Virgin Media that will support broadband video services and applications. However, financial term of this deal has not been declared so far. Virgin Media [...]

(VMED) Virgin Media Opts for TiVo Platform

Virgin Media Inc. (VMED), the UK 's leading entertainment and communications company, has entered into a strategic agreement with TiVo Inc. (TIVO) under which the latter will develop next-generation TV platform for Virgin Media that will support broadband video services and applications. However, financial term of this deal has not been declared so far.
                                                                                                       
Virgin Media is systematically upgrading its content delivery network to support large-scale IP traffic. For that the company is desperately trying to introduce hybrid transport gateways that can manage RF and IP-based video content. TiVo will develop a converged television and broadband interactive interface for Virgin Media's upcoming next generation high definition set top boxes. Virgin Media will introduce the new set top boxes in mid-2010.
 
Under the mutually exclusive agreement, TiVo will become the exclusive provider of middleware and user interface software for Virgin Media's next generation set top boxes. On the other side, Virgin Media will become the exclusive distributor of TiVo services and technology in the U.K.
 
In our view, Virgin Media is in the early stages of a turnaround, poised to generate strong free cash flow and improved EPS in fiscal 2010.  A new management team is re-branding the product, formerly notorious for poor customer service, and rolling out digital services to expand ARPU, reduce churn and slow its market share drain from the onslaught of new entrants into the company’s markets.
 
Recent financial results reflected the nascent turnaround of Virgin Media, with growth in net subscribers and revenue generating users. The company had 37,000 net new additions to its television service, and 39,000 net new additions to its broadband offering.  It added a net 8,100 cable customers.  We believe collaboration with TiVo will enable Virgin Media to offer next-generation high-speed TV and broadband services in the U.K.
Read the full analyst report on "VMED"
Read the full analyst report on "TIVO"
Zacks Investment Research

Schaeffer's analyst Morgan Searcy takes a look at news on the Street before the market open.

Schaeffer's analyst Morgan Searcy takes a look at news on the Street before the market open.

Schaeffer's analyst Morgan Searcy takes a look at news on the Street before the market open.

Schaeffer's analyst Colleen S. King takes a look at news on the Street before the market open.

Schaeffer's Colleen S. King takes a look at activity on the Street after the market close